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Gross Income

All the money and value you receive from any source before any deductions or taxes are taken out.

Internal Revenue Code of 1986

The official collection of all federal tax laws in the United States.

Catastrophe Loss Mitigation Program

A program, often run by a state or local government, that provides financial help to people to make their property safer and less likely to be damaged by natural disasters like floods, hurricanes, or wildfires.

Basis

For tax purposes, the original cost of an asset (like a home) plus the cost of improvements, used to calculate profit or loss when the asset is sold.

Retroactive Applicability

When a new law or rule applies to events that happened in the past, before the law was officially put in place.

Amended Return

A revised tax form submitted to the IRS to correct errors or make changes to a tax return that was already filed for a previous year.