For income tax purposes, there’s no tax on gifts—to make or receive them. For federal gift tax purposes, there’s an annual exclusion ($14,000 in 2015 and 2016). Above that, you can apply your lifetime exclusion ($5.43 million in 2015 and $5.45 million in 2016). If you’re married and your spouse consents to the gift, you can double these amounts.
Casualty losses such as from a storm, in areas declared by the President to warrant federal assistance. An election may be made to deduct the loss in the year before the loss or the year of the loss.