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.
Each tax year, you can also give away: wedding or civil ceremony gifts of up to Â£1,000 per person (Â£2,500 for a grandchild or great-grandchild, Â£5,000 for a child) normal gifts out of your income, for example Christmas or birthday presents - you must be able to maintain your standard of living after making the gift; payments to help with another personâs living costs, such as an elderly relative or a child under 18; gifts to charities and political parties