Share out a variable gossip (7)
I believe the answer is:
hearsay
'gossip' is the definition.
(I know that hearsay is a type of gossip)
'share out a variable' is the wordplay.
'out' indicates an anagram (out can mean wrong or inaccurate).
'variable' becomes 'y' (algebra).
'share' anagrammed gives 'hears'.
'hears'+'a'+'y'='HEARSAY'
(Other definitions for hearsay that I've seen before include "speculation" , "Testimony not based on direct knowledge" , "Kind of rumour, makes bad evidence" , "rumoured" , "Gossip or idle talk - it's not evidence" .)