Deductions and Write-Offs

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.

You can only deduct your gambling losses if you itemize your deductions. You would claim gambling losses as a miscellaneous deduction on Form 1040, Schedule A not subject to the 2% limitation. The amount of losses you can deduct cannot be greater than the gambling income reported on your income tax return. It is important to keep an accurate diary or a similar record of your gambling winnings and losses. To deduct your losses, you must be able to supply receipts, tickets or other statements that show the amounts of your winnings and your losses.