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.
Gift Limits. Regardless of your child's age, certain rules apply across the board if you want to give money tax-free. As of January 2015, you can give up to $14,000 individually or $28,000 as a married couple to your child annually without paying taxes. However, you must still file Form 709 for amounts above these levels.