As defined in classic philosophy, an axiom is a statement that is so evident or well-established, that it is accepted without controversy or question. As used in modern logic, an axiom is simply a premise or starting point for reasoning.
Financial Planner. Iâm often asked if someone can take an income tax deduction for money they gift to their children. Gifts to individuals are not tax deductible. Tax deductions can only be taken for gifts to organizations on the IRS list of approved charities. However, there is a way to get a partial deduction for money that will eventually go to your children. A charitable lead annuity trust (CLAT) gifts money to a charity first, and then passes assets to your beneficiaries.
You can make five years of contributions to a 529 plan at one time without triggering a gift tax. So if you and your spouse have two grandchildren, both of you can gift $14,000 to each child for a total amount in tax-free gifts of $56,000. And remember, these are tax-free gifts above and beyond the $5.43 million exemption limit. 2. Medical, dental and tuition expenses can be excluded from that cap.