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Internal Revenue Code of 1986

The official body of U.S. federal tax laws.

Personal casualty losses

Losses to an individual's property (like a home, car, or belongings) from sudden, unexpected events like natural disasters, not from normal wear and tear or accidental loss.

Major disasters

Disasters (like hurricanes, floods, or earthquakes) officially declared by the President under the Stafford Act, making federal aid available.

Adjusted Gross Income (AGI)

Your gross income (total income from all sources) minus certain specific deductions, used to calculate many tax limits and benefits.

Standard Deduction

A fixed dollar amount that taxpayers can subtract from their income before calculating their tax, instead of itemizing (listing out) all their individual deductions like mortgage interest or charitable donations.

Gross income

All income you receive that is not specifically exempt from taxes, before any deductions are applied.

Qualified wildfire relief payment

Money received by an individual as compensation for losses, expenses, or damages (like for a destroyed home, lost wages, or injuries) from a federally declared wildfire disaster, which is not covered by insurance or other sources.