Yes, one of the qualifications for the Homestead exemption is that it must be an owner-occupied residence.
No if by "writing off" you mean there is a line to enter your rental property taxes on your West Virginia tax return. That would be "double dipping". See my explanation below.
Yes, you "write off" your property taxes, in a not so straight forward way, on your West Virginia tax return when you complete your federal income tax Form 1040, Schedule E.
- On Schedule E, you deduct the rental property taxes from your rental income.
- The Schedule E then calculates the income or loss on the rental.
- That income or loss gets carried over to Schedule 1 (Form 1040) line 5.
- The Schedule 1 Line 10 amount gets carried over to Form 1040, line 8.
- The Form 1040 Adjusted Gross Income gets carried over to West Virginia IT-140 line 1.
The net result is, you are not getting taxed, at the federal level or the state level, on all of your rental income because the rental property taxes were deducted from that income.
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