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.
Staggered Gifts. You donât have to give your child a lump-sum gift to use the annual gift tax credit. If you pay your childâs mortgage as a gift or give them money, you can deduct that amount from the $13,000 credit. For example, letâs say you make your child's $1,000 monthly mortgage payment in March, April, June and July and give him $1,500 in December.