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.
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