how do I transfer an item from my apple wallet to another person?

What kind of item? Cards cannot be transferred, they must be added to the other person's device manually.

Thing like tickets and passes can be shared, but they will not be removed from your device, only copied to the other person's device.

See here: link-> Add, use, and share boarding passes, tickets, and other passes in Apple Wallet - Apple Support

Not all vendors allow sharing of tickets through the wallet. You'll need to either log into their website to transfer tickets or forward any email you received for the tickets.

Correct. The digital ticket can be used from either device. Once used, all copies on all devices stop being usable.