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.
Financial Planner. Iâm often asked if someone can take an income tax deduction for money they gift to their children. Gifts to individuals are not tax deductible. Tax deductions can only be taken for gifts to organizations on the IRS list of approved charities. However, there is a way to get a partial deduction for money that will eventually go to your children. A charitable lead annuity trust (CLAT) gifts money to a charity first, and then passes assets to your beneficiaries.
We are not sure how much money we can give them without having to pay tax fees. In 2013 the IRS gift tax exclusion is $14,000 per donor per recipient. So effectively, married couples can â together â provide cash gifts of up to $28,000 per recipient without triggering a gift tax. So in your case, you and your spouse can give a combined gift of up to $56,000 this year to your son and future daughter-in-law ($28,000 to each).