New Mexico

A trust is domiciled in New Mexico if the trustee is a resident of New Mexico or if the principal place from which the trust is managed or administered is in New Mexico.

Gains from the sale or exchange of capital assets shall be excluded to the extent that such gains are allocated to corpus and are not (A) paid, credited, or required to be distributed to any beneficiary during the taxable year, or (B) paid, permanently set aside, or to be used for the purposes specified in section 642(c).

(1) In general In the case of a qualified trust, any distribution in any taxable year beginning after the date of the enactment of this subsection shall be computed without regard to any undistributed net income. (2) Qualified trust For purposes of this subsection, the term 'qualified trust' means any trust other than- (A) a foreign trust (or, except as provided in regulations, a domestic trust which at any time was a foreign trust), or (B) a trust created before March 1, 1984, unless it is established that the trust would not be aggregated with other trusts under section 643(f) if such section applied to such trust.

New Mexico's Estate Tax is phased out due to federal tax law changes as of January 1, 2005.

For taxable years beginning on or after January 1, 2025, a tax is imposed upon the net income of every individual resident at the following rates: 1.5% to $8,000; 3.2% from $8,001 to $25,000; 4.3% from $25,001 to $50,000; 4.7% from $50,001 to $100,000; 4.9% from $100,001 to $315,000; and 5.9% above $315,000, for married individuals filing jointly.

a deduction from net income in an amount equal to the greater of: (1) the taxpayer's net capital gain income for the taxable year... but not to exceed two thousand five hundred dollars ($2,500); or (2) forty percent of up to one million dollars ($1,000,000) of the taxpayer's net capital gain income from the sale of a business that is allocated or apportioned to New Mexico pursuant to Section 7-2-11 NMSA 1978

In the case of a taxpayer other than a corporation, if there is a net capital loss for any taxable year: (1) the excess of the net short-term capital loss over the net long-term capital gain for such year shall be a short-term capital loss in the succeeding taxable year, and (2) the excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year.

'base income' also includes interest received on a state or local bond; ... 'state or local bond' means a bond issued by a state other than New Mexico or by a local government other than one of New Mexico's political subdivisions, the interest from which is excluded from income for federal income tax purposes under Section 103 of the Internal Revenue Code, as that section may be amended or renumbered;

'base income' also includes interest received on a state or local bond; ... 'state or local bond' means a bond issued by a state other than New Mexico or by a local government other than one of New Mexico's political subdivisions, the interest from which is excluded from income for federal income tax purposes under Section 103 of the Internal Revenue Code, as that section may be amended or renumbered;

A. "adjusted gross income" means adjusted gross income as defined in Section 62 of the Internal Revenue Code, as that section may be amended or renumbered; ... J. "Internal Revenue Code" means the United States Internal Revenue Code of 1986, as amended;

A. "adjusted gross income" means adjusted gross income as defined in Section 62 of the Internal Revenue Code, as that section may be amended or renumbered; ... J. "Internal Revenue Code" means the United States Internal Revenue Code of 1986, as amended;

'adjusted gross income' means adjusted gross income as defined in Section 62 of the Internal Revenue Code, as that section may be amended or renumbered;

For taxable years beginning on or after January 1, 2025, a tax is imposed upon the net income of every individual resident at the following rates: 1.5% to $8,000; 3.2% from $8,001 to $25,000; 4.3% from $25,001 to $50,000; 4.7% from $50,001 to $100,000; 4.9% from $100,001 to $315,000; and 5.9% above $315,000, for married individuals filing jointly.

Stocks and obligations of the United States Government are exempt from taxation by a State or political subdivision of a State. The exemption applies to each form of taxation that would require the obligation, the interest on the obligation, or both, to be considered in computing a tax.

Any security issued under this chapter by a Federal home loan bank, including the stock thereof, shall be exempt from taxation, except taxes upon real estate, by any State, county, municipality, or local taxing authority.

The mortgages held by the Farm Credit Banks and the notes, bonds, debentures, and other obligations issued by the banks shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 (31 U.S.C. 3124).

In the case of a taxpayer other than a corporation, if there is a net capital loss for any taxable year: (1) the excess of the net short-term capital loss over the net long-term capital gain for such year shall be a short-term capital loss in the succeeding taxable year, and (2) the excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year.

Property acquired by either or both spouses during marriage and that is not separate property is community property.

For taxable years beginning on or after January 1, 2025, a tax is imposed upon the net income of every individual resident at the following rates: 1.5% to $8,000; 3.2% from $8,001 to $25,000; 4.3% from $25,001 to $50,000; 4.7% from $50,001 to $100,000; 4.9% from $100,001 to $315,000; and 5.9% above $315,000, for married individuals filing jointly.

Personal income tax in New Mexico starts with the Federally Adjusted Gross Income (FAGI) from your federal return.