West Virginia Tax Division Issues Updated Guidance on Gambling Withholding, Loss Deductions
Bloomberg Tax News
West Virginia updated its tax guidance regarding withholding on gambling winnings and deductions for gambling losses.Summary
The West Virginia Tax Division has released updated guidance concerning the withholding requirements for gambling winnings and the deductibility of gambling losses. The guidance mandates a 4.58 percent backup withholding on gambling winnings when federal backup withholding is also applicable. This generally applies to winnings of $600 or more that are at least 300 times the wager, with specific thresholds varying by gambling activity. Taxpayers can also claim a modification for West Virginia gambling losses against their gambling income, provided they have adequate documentation.
(Source：Bloomberg Tax News)