Motor Vehicle Property Tax Adjustment Credit
Beginning January 1, 2024, taxpayers are eligible to claim a Motor Vehicle Property Tax Adjustment Credit. The first opportunity to claim this credit will be on a 2024 WV income tax return, filed in 2025, for all timely paid property taxes for eligible vehicles due in 2024.
The first motor vehicle property tax payment that will be eligible to qualify for the credit is the payment made for the second half of the 2023 property tax year and it must be paid before April 1, 2024. With the passage of HB 125 in the 1st Special Session, taxpayers will not be penalized if they pay the second half of their ticket in 2023 because it is still considered due in 2024 and therefore timely paid.
Who Qualifies? Individuals, Partnerships, S-Corporations, LLCs, and C-Corporations who own a qualifying vehicle.
Leasing companies also qualify for the credit. They are required to pass the savings on to the consumer leasing the motor vehicle. Contact your leasing company for more information on when you can expect to see the discount.
Who Does Not Qualify? Motor Vehicle Dealers.
WV Gambling Losses Can Now Be Deducted From State Tax Returns
When calculating income from West Virginia gaming activity and West Virginia gambling activity for the taxable year, the taxpayer may apply a decreasing modification (deduction) against West Virginia adjusted gross income in the amount of West Virginia gaming and gambling losses allowable as an itemized deduction under the United States Internal Revenue Code, not to exceed the amount of West Virginia gaming and gambling winnings, for that year. (Losses from outside of WV are not deductible.) The taxpayer may amend previously filed returns for the 2020, 2021, and 2022 tax years to recognize this deduction. The taxpayer is responsible for detailed records substantiating losses if the taxpayer intends to apply the deduction. The taxpayer shall have the burden of proving any loss. YOU must keep an accurate diary or similar record of your gambling winnings and losses and be able to provide receipts, tickets, statements, or other records that show the amount of both your winnings and losses.
Cardinal Tax Services offers the Refund Advance Loan each Tax Season. We can offer up to $6000 . This product is available in January and February and funded thru Meta Bank.
Install the IRS2GO App on your phone to check on your refund anytime, anywhere!