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.
Alimony payments are deductible by the payer spouse and income to the recipient spouse. In contrast, child support is neither deductible nor treated as income. court ordered the father to pay âfamily support,â and his payments for the year totaled more than $24,000. He deducted the entire amount; the mother argued that part of the payments should be treated as child support and not taxable to her (or deductible by him).