Gambling related income:
Answer: (d)
"Gambling loss" is money lost as the result of playing games of chance or wagering on events, such as horse races and football games, with uncertain outcomes. A "gambling loss" can be deducted on IRS tax returns, but only up to the amount of gambling income for that taxable year. Gambling income is taxable and is reported separately from other sources of income--wages or investments, for example--on IRS tax returns.
