It also includes the fair market value of property you won as a prize, such as a car, trips or other non-cash prizes. Gambling winnings are reported on Line 21, Form 1040. You must report gross gambling winnings, without reduction by your gambling losses. For more information, see IRS Publication 529, Miscellaneous Deductions, and Publication 525, Taxable and Nontaxable Income. Home mortgage points can be deductible.
Many homeowners pay points when they purchase a home.
Points paid for a loan to purchase your main home can be deductible like other home mortgage interest if certain requirements are satisfied. Generally, if the points were determined as a percentage of the principal amount of the loan and were not paid for other items on a settlement statement such as appraisal fees, inspection fees, title fees, attorney fees or property taxes. The points paid must be clearly shown on the settlement statement. For more information, see IRS Publication 530, Tax Information for First-Time Homeowners, and Publication 936, Home Mortgage Interest Deduction. Yes, if it reduces your taxes.