Gambling winnings are included in gross income only to the extent that the winnings exceed gambling losses incurred during the same period.

Name: Gambling winnings are included in gross income only to the extent that the winnings exceed gambling losses incurred during the same period.
Brand: Quizplus
Rating: 4.8 (56 reviews)

Question

Quizplus · Accepted Answer

Gambling winnings are included in gross income regardless of gambling losses. Losses can be deducted separately if itemizing deductions, but they do not offset winnings directly in gross income calculations.

Gambling Winnings Are Included in Gross Income Only to the Extent