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.
To set your mind at ease, first determine if youâve given any one child more than the limit for a calendar year. You can give a child up to $14,000 in a year before you have to file a gift tax return (in 2012, this amount was $13,000). If your child is married, you can also give up to $14,000 each to his or her spouse. If youâre married, you and your spouse can both make gifts, meaning the maximum gift one couple can gift another couple without filing a gift tax is $56,000. This amount is per calendar year, and does not roll over from year to year.
You have to state by how much you gifted beyond the exemption and subtract that amount from your lifetime exemption of $5.25 million. This doesnât mean youâll owe any money right now. If in your lifetime you give away more than $5.25 million youâll be subject to a federal gift tax, currently 40%. That said, if you want to contribute to your sonâs wedding expenses directly â and itâs an amount that exceeds the annual gift limit â there is a way around the gift tax.