Deductions and Write-Offs

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.

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.

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.

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.