I want to gift up to 40,000 this year to one person. Will I owe money because it's above 14000, which is the annual limit? I know there's a lifetime exclusion limit of roughly 5 million. If I don't cross that limit, will I still owe, will I not owe anything as long as that isn't crossed? I don't want to gift more than the 14k if I will have to pay taxes on it.
