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.
If you are moving out of your home, you can give the property to your child today. However, you will probably have to dip into your unified federal gift and estate tax exemption ($5.43 million for 2015).Hereâs how it works.irst, offset the amount of the gift by using your $14,000 annual gift-tax exclusion. Remember it is $14,000 per donor. So if you and your spouse each make a gift to both your child and his spouse, you can offset $56,000 of the homeâs value (4 x $14,000).