What happens if I “gift” more than $11,000 per year to a single person?
You will need to file a gift tax return to the IRS. However, you will pay ZERO taxes! Most people don’t realize that they can freely give away much more than $11k/year to a person and still pay NO taxes. The IRS simply keeps track of how much you give away above the $11k/year (to an individual) and reduces your estate tax exemption.
