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2024 Information
To claim the Motor Vehicle Property Tax Credit, you will need form MV-1. The state will mail this form to taxpayers who have met the qualifications to claim the credit! You will need this form before you finalize your tax return.
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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 MV-1 tax credit schedule will be mailed to taxpayers who have met the qualifications to claim the credit! You will need this form before you finalize your tax return.
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.
What Vehicles Qualify? Class A, B, G, H, T, V, X and All-Terrain Vehicles pursuant to W. Va. Code § 20-15-2. Visit transportation.wv.gov for more information on these classes of vehicles.
- To ensure that you qualify for the Motor Vehicle Property Tax Adjustment Credit, you will have to:
- File your personal property tax returns with your County Assessor timely. For businesses that means before September 1 and for individuals before October 1.
- Pay your personal property taxes timely. That means the first half of the assessment must be paid before October 1 and the second half before April 1.
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.
https://www.wvlegislature.gov/Bill_Text_HTML/2023_SESSIONS/RS/bills/hb2821%20sub%20enr.pdf