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Franchise Leases means all leases, subleases and other agreements or Contracts pursuant to which the Company or any of its Subsidiaries has granted a Franchisee the right to lease, use or occupy any Real Property.
Yes - If you are a resident of NM, then ing to the NM department of revenue, you will need to report all income from all sources (including out of state rental income) on your NM resident state income tax return.
If you are already registered with the New Mexico Taxation and Revenue Department,, you can find your CRS Identification Number and filing frequency online or on correspondence from the New Mexico Taxation and Revenue Department.
They must pay the ISR tax, a type of income tax, in the amount of 25% of the gross rents and, if the unit is furnished, a 16% Value Added Tax (IVA). An important point The ISR TAX they pay can become a tax credit in the US, so double taxation is avoided.
With a bounty of popular destinations including Santa Fe and Taos, the Land of Enchantment offers prospective short-term rental hosts the opportunity to bring in extra income. But new income opportunities bring new tax implications. Like hotel and B&B stays, short-term rentals in New Mexico are subject to tax.
Note: Effective July 1, 2021 New Mexico has moved to destination-based sourcing. This means that the gross receipts tax rate on the sale of property will be based on the location where the property is received by the buyer.
New Mexico imposes a tax on the net income of every resident and on the net income of every nonresident employed or engaged in business in, into or from this state or deriving any income from any property or employment within this state.
All rental income must be reported on your tax return, and in general the associated expenses can be deducted from your rental income.