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- Do I owe gross receipts tax on rental income in new mexico - Intuit
You will see it on the Schedule E which flows to Schedule 1 (line 17) which goes to the 1040 (line 6) You will not have to pay Gross Receipts taxes on that income
- Rental Property Tax Laws and Regulations In New Mexico - 2025
Rental income from residential and commercial properties may be subject to the New Mexico gross receipts tax It is important for landlords to assess whether their rental activities fall under this tax category
- Gross Receipts Tax Overview : Businesses
Below are some of the frequently asked questions, and responses from the New Mexico Taxation and Revenue Department regarding gross receipts tax To further assist you with your questions, we have a lot of resources available on our Forms Publications webpage in the “Publications” folder
- New Mexico Statutes Section 7-9-53 (2024) - Deduction; gross receipts . . .
A Receipts from the sale or lease of real property and from the lease of a manufactured home as provided in Subsection B of this section, other than receipts from the sale or lease of oil, natural gas or mineral interests exempted by Section 7-9-32 NMSA 1978, may be deducted from gross receipts
- 3. 2. 1 NMAC - New Mexico
In such cases the rental receipts of the lessor will not be gross receipts from leasing and, unless all or a portion of the rental receipts are gross receipts from the installment sale of property, will not be subject to the gross receipts tax
- How Does New MexicoS Income Tax Rate Impact Rental Income Taxation For . . .
Rental income in New Mexico is treated as regular income and taxed at the above rates Investors must report rental income on both federal and state tax returns
- Overview of New Mexico Gross Receipts and Compensating Tax Act . . .
Note, in general, if receipts would not have been subject to the gross receipts tax had transaction occurred in (or into) New Mexico, it will not be subject to compensating tax
- New publication provides tax guidance on lodging, vacation rentals
SANTA FE—The Taxation and Revenue Department has published a new tax bulletin providing gross receipts tax guidance for companies that facilitate lodgings, accommodations and vacation rentals, and for the owners of those properties
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