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.
Staggered Gifts. You donât have to give your child a lump-sum gift to use the annual gift tax credit. If you pay your childâs mortgage as a gift or give them money, you can deduct that amount from the $13,000 credit. For example, letâs say you make your child's $1,000 monthly mortgage payment in March, April, June and July and give him $1,500 in December.