Returning from Italy: $800 personal exemption, up to 1 liter of alcohol duty-free.
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You get an $800 personal exemption on goods for personal use, plus up to 1 liter of alcohol duty-free.
You simply pay duty on the amount over $800 — there's no penalty for exceeding it as long as you declare everything honestly.
Counterfeit designer goods (even 'obviously fake' luxury items) can be seized, and unpasteurized cheeses or meats need to be declared to USDA.
Yes — everything you're bringing back needs to be declared, including gifts and anything packed in checked bags, not just what you're carrying on you.