Deductions and Write-Offs

Yes. You must report the total amount of your gambling winnings from Form W-2G as miscellaneous income on IRS Form 1040 page 1. However, you are allowed to deduct gambling losses up to the amount of the winnings as another itemized deduction on IRS Schedule A.

There are a few issues here. First of all, to claim a child as a dependent who earns more than $3700, he must be under age 19 as of the end of the year, unless he is in college full-time. Children under the age of 24 can be claimed as a dependent without an income limitation provided they are full-time college students. Since your child attends college at night, he could be considered full-time only if he takes the number of classes that is required during the day to be considered a full-time student. We advise you to meet with a CPA in your community to ascertain whether it is in your best interest to claim your child. Often students can qualify for financial aid who claim themselves independent from their parents.

Gifts to spouses have no limitations. There are no tax consequences.
All other gifts are subject to the annual exclusion of $13,000 per donee recipient.

There is no limit to the number of $14,000 exclusions you are entitled to.

No. You can even give $14,000 to anyone.

Generally yes. Prizes or awards are taxable and you would be taxed at the fair market value of the leather coat that you won.

Lottery winnings, prizes and awards are taxable income and reported as "other income" on line 21 of the 1040 form. Do not forget to deduct your gambling losses on Schedule A, which are only deductible to the extent of your winnings.

Sorry. Even though you won, your travel expenses are not deductible, nor are they considered gambling losses.

U.S. Treasury interest should not be included as taxable income on your state income tax return. It is included on your Federal tax return.