Deductions and Write-Offs

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

There is no deduction for giving a gift of $14,000 ($13,000 in 2012) or less. There are no reporting requirements for gifts given or received of $14,000 or less.

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.

Municipal and state interest income is tax-free on your Federal tax return. Although you report it for informational purposes, it is not taxed.
Municipal interest is also not included as income if the municipal instrument originates from the state you are filing.
Out-of-state municipal bonds are not excluded on your state income tax return, only your Federal return.

Itemized deductions are amounts paid for certain items, such as medical or dental care, state or local income tax, real estate taxes, mortgage interest, gifts to charities and miscellaneous deductions, such as investment expenses and unreimbursed business expenses. Each category of itemized deductions is subject to limitations. Generally speaking, the IRS gives you a standard deduction, based upon your filing status(married, single,etc.) You are allowed the larger amount of your itemized deductions or standard deduction. Itemized deductions reduce your taxable income.

Points paid on a home mortgage refinance cannot be deducted in the year they’re paid unless the money is used to improve the property which is your primary residence.
Generally, points on a refinance must be deducted over the life of the loan. That means, if you took out a refinanced loan for 15 years, you would have to amortize the points over 180 months.

If the fair market value of your donation is greater than $500. you must complete Section A of Form 8283 – Non Cash Charitable Contributions.
For non-cash contributions of more than $5,000, an appraisal is required. In that case, you must also fill out Section B of Form 8283.
The IRS is aware that certain organizations are issuing inflated blue book value statements regardless of the condition of the vehicle.
You should consider taking a picture of the vehicle at the date of donation for substantiation of the condition.
You may also consider not claiming the full value that was given to you from the charitable organization. Speak to your local CPA for his or her opinion on the amount of the contribution you should claim.