Gambling Income(redirected from Gambling Incomes)
Winnings from wagers on events or games of chance in which the outcome is uncertain. This includes all cash won and the market value of non-cash winnings such as vacations. In U.S. tax, all gambling income, regardless of where or how it was obtained, is taxable income and must be reported to the IRS. Professional gamblers may deduct all gambling losses against gambling income, but casual gamblers may only do so up to the amount of gambling income.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved