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Gross income

All income from whatever source derived, unless specifically excluded by law. It's the starting point for calculating your taxes before deductions and exemptions.

Internal Revenue Code of 1986

The official compilation of all U.S. federal tax laws.

Federally declared disaster

A major disaster or emergency officially declared by the President under the Stafford Act, which makes federal assistance available.

Qualified wildfire relief payment

Money an individual receives as compensation for losses, expenses, or damages (like for extra living costs, lost wages not from an employer, injury, or death) caused by a federally declared wildfire, but only if these losses are not covered by insurance.

Double benefit

Receiving two separate tax advantages for the same loss or expenditure. For example, getting tax-free compensation for a loss and also claiming a tax deduction for that same loss.

Basis or adjusted basis

The cost of property for tax purposes, used to determine gain or loss when property is sold or exchanged. It includes the original cost plus improvements, minus depreciation.