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.
Furthermore, you can give up to $5.43 million in your lifetime without penalty, but using your exemption will also reduce your estate tax exemption by the same amount. Types of Gifts You can give your child a variety of different monetary gifts, including cash, securities, property or money in the form of trusts. The type of vehicle, and not just the amount of money, can impact the tax consequences.