Not sure where you are getting anything about seven years. What is making you think there is a seven year "thing?" The rules are clear----you can give a gift of up to $15,000 to an individual in a calendar year without having to file a gift tax form 709. If you give more than the $15,000 you are supposed to fill out a Form 709. Unless you have exceeded the lifetime gift amount of over $11 million, you do not pay any tax on the gift but you are supposed to fill out the tax form anyway.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
