Donating to charity is a great way to support organizations you care about, but not every charitable contribution comes with a tax deduction. One situation to be especially careful about is donating the right to use your vacation home to a nonprofit organization. Schools, churches, and other nonprofits sometimes accept vacation-home stays as prizes for fundraising dinners, galas, or charity auctions. While this may sound like a good way to support a cause and potentially receive a tax...

If you're claiming a net operating loss (NOL) carryover on your tax return, make sure you have the documentation to support it. If the IRS audits your return, you'll need to prove not only the amount of the loss you're carrying forward but also that the original NOL was valid in the first place. Simply providing copies of prior-year tax returns may not be enough. Taxpayers should keep records that support how the original loss was calculated and how it was carried forward from year to year....

If you gamble, there are two major tax changes that took effect in 2026 that could affect your tax return. The first change impacts the deduction for gambling losses. Beginning with 2026 tax returns, taxpayers who itemize deductions can deduct only 90% of their gambling losses, and those losses can only be claimed up to the amount of their reported gambling winnings. This is a change from previous years, when qualifying losses could generally offset winnings dollar for dollar. The second...