Final answer:
Gambling losses are deductible up to the amount of gambling winnings to the extent they exceed 2% of the taxpayer's AGI. True
Step-by-step explanation:
The subject of this question is Business because it pertains to tax deductions, which falls within the realm of personal finance and tax regulations.
According to the question, gambling losses are deductible up to the amount of gambling winnings, to the extent they exceed 2% of the taxpayer's adjusted gross income (AGI). This statement is true. If a taxpayer has gambling losses that exceed 2% of their AGI, they can deduct those losses from their gambling winnings when filing their taxes.