### Question
How does ITEMIZED DEDUCTIONS FOR INDIVIDUALS AND CORPORATIONS define net disaster loss?


### Answer
Under *26 U.S.C. § 165*, **net disaster loss** is defined as:

> the excess of—


(i) the personal casualty losses—


(I) attributable to a federally declared disaster occurring before January 1, 2010, and


(II) occurring in a disaster area, over


  

(ii) personal casualty gains

#### Citation:
  - *26 U.S.C. § 165*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter B-Computation of Taxable Income > PART VI-ITEMIZED DEDUCTIONS FOR INDIVIDUALS AND CORPORATIONS**

