West Virginia expands funding for horse racing in the state with new bill signed by Governor Morrisey
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Most people think a racehorse is a hobby — not a business expense. But in tax, the structure decides everything. One director tried claiming racehorse costs as entertainment. Privately owned horse. No contracts. No link to revenue. That claim collapsed immediately. Another client sponsors a horse through her company name. Branding on race cards, signage, and TV coverage — and records showing new members joining her syndicate after race days. That’s commercial. That works. If you’re using luxury
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A new bill slashes the tax deduction for wagering losses from 100% to 90% - effectively taxing horseplayers on phantom income. This could mean over $1B in lost handle and thousands of racing industry jobs at risk. Visit NTRA.com/Wager to learn more. | NTRA
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