An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Personal casualty loss

A loss of personal property due to an unexpected or unusual event, such as a fire, storm, shipwreck, car accident, theft, or vandalism, that is not covered by insurance.

Deduction

An amount that can be subtracted from your gross income to reduce your taxable income, thereby lowering the amount of tax you owe.

Taxable year

The annual accounting period for which you report your income and expenses to the IRS, usually the calendar year (January 1 to December 31).

Internal Revenue Code (IRC)

The body of law governing federal taxation in the United States, administered by the Internal Revenue Service (IRS).

Claim for credit or refund

A formal request made to the IRS to get back money that was overpaid in taxes or to receive a tax credit that was not claimed.

Public Law 115-97

Also known as the Tax Cuts and Jobs Act of 2017, this law made significant changes to the U.S. tax code, including limiting the personal casualty loss deduction.