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 Tax. Any amount you pay for mortgage payments for your parents is considered a gift by the IRS. Gifts are not considered taxable income to the recipient, and they are not tax-deductible by the giver.You are limited in the amount you can give to any one person during the year before you are obligated to pay federal gift tax.ny amount you pay for mortgage payments for your parents is considered a gift by the IRS. Gifts are not considered taxable income to the recipient, and they are not tax-deductible by the giver.