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Examples of Allocation of Community Income Because New Mexico is a community property state and the resident spouse is domiciled in New Mexico, the resident spouse's wage income is community property. Half the wage income from employment in Texas is the property of each spouse.
These tax-exempt goods include gasoline, groceries, durable medical equipment, prescription medications, and certain medical services. Additionally, there are certain customers that are exempt from the gross receipts tax, such as nonprofits, government agencies, and merchants buying goods for resale.
Calculate gross receipts by adding all revenue received within a tax year without subtracting returns, allowances, costs of goods sold, or any other business expenses.
Spouses using ?married filing jointly? for the IRS must use the same filing status for New Mexico; those using ?married filing separately? for the IRS must also use that filing status for New Mexico.
An exempt receipt is not taxable and does not require reporting. The more common organizations to which exemptions apply are governmental agencies, non-profit (501(c)(3)) organizations, homeowners associations, and social organizations.
What charges are taxable? In New Mexico, the state gross receipts tax (GRT) is levied on a business's receipts from sales and services, including transient accommodations, so any revenue received from providing short-term rentals is subject to GRT.
501(c)(3) groups are primarily religious, charitable or educational in purpose. New Mexico views 501(c)(3) nonprofit organiza- tions as engaging in business. The exemptions the state grants are for property tax, income tax, and gross receipts tax.
Real estate taxes Here in New Mexico, taxes are paid in arrears?this means you'll owe taxes on your property until your closing date. You could see a charge for certain real estate-related taxes tacked onto your closing statement if you haven't made all of your payments quite yet.