What part of speech is the word laughing?

Laughing is a verb form from the verb, to laugh. It is either a present participle, which is used as an adjective or a gerund which is used as a noun or a progressive verb form.Examples

(particple) : The laughing boy jumped up and down with glee.

(gerund) : Laughing is good therapy.

(verb) : We were all laughing at the funny clown.