Do you have aging parents that live in an appreciated home, but no longer reap any tax benefits from ownership? For example, their home is paid off and there is no mortgage interest deduction for them to deduct. By buying your parents’ home, and then rent it back to them at the going market rate, they would gain instant access to their home equity (without moving) and you’d pick up some generous tax deductions.

If you drive to college classes, your commuting expenses are an often overlooked deduction. For 2010, you can use the standard mileage rate of 50 cents per mile plus tolls and parking fees for education-related travel.