Gambling Income


DEFINITION of 'Gambling Income'

Any income that is the result of games of chance or wagers on events with uncertain outcomes (gambling). This income is subject to taxation.

BREAKING DOWN 'Gambling Income'

Gambling income includes any money earned playing slot machines, bingo or the lottery. It also includes money derived from betting on horse races, boxing, sumo wrestlers and almost anything else.

  1. Lottery

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  5. Gamification

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  6. Hot Hand

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  1. What is the difference between speculation and gambling?

    Speculation and gambling are two different actions used to increase wealth. However, the two are very different in the world ... Read Full Answer >>
  2. What taxes will I pay if I win a lot of money while gambling in Las Vegas?

    Every year, thousands of people travel to gambling hot spots, such as the Nevada cities of Las Vegas and Reno, with the hope ... Read Full Answer >>
  3. What is the difference between a banker's acceptance and a post-dated check?

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