It may depend on the activity creating the income.  It's going to be Schedule 1 probably either line 8b Gambling or 8i Prizes and Awards.  When I hear "sweepstakes" I think Publishers Clearinghouse which doesn't involve a wager so it would be 8i.

Paul Harvey's not around anymore to tell us how you got from a $50K win to a $7,300 loss, so someone else will have to give us The Rest of the Story.