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.
Because the payment qualifies for the educational exclusion, the gift is not a taxable gift. Example 3. In 2008, you give $25,000 to your 25-year-old daughter. The first $12,000 of your gift is not subject to the gift tax because of the annual exclusion.-------------------------------------... **Further details and examples: Below** If you are married, both you and your spouse can separately give gifts valued at up to $12,000 to the same person in 2008 without making a taxable gift. If one of you gives more than the $12,000 exclusion to a person in 2008.