Thank you very very much for your quick answers DominGA. I really appreciate that. Not sure if I should open another thread for this or not.But I have a Foreign...

Does $14,000 counts towards both me and my wife? Or we both get the limit of $14,000 limit for each person? (We are filing married jointly by the way)

Thank you DominGA. Do I have to pay taxes if I cross $14,000 in a single year?