This oil, gas, and minerals document is a report form documenting information of sellers and purchasers that enter into a legally binding obligation to sell and purchase real property at the expiration of or during a lease term. In a lease purchase agreement, a party agrees to purchase a particular piece of real property within a certain timeframe, usually at a price determined beforehand.
New Mexico Lease Purchase Report
Category:
State:
Multi-State
Control #:
US-OG-641
Format:
Word;
Rich Text
Instant download
Description
How to fill out Lease Purchase Report?
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FAQ
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.
Receipts from the sale of the land are deductible from gross receipts as receipts from the sale of real property pursuant to Section 7-9-53 NMSA 1978. The real estate broker must pay tax on the entire $6,000 commission.
If you are engaged in business in New Mexico, you must file a New Mexico tax return and pay gross receipts tax for the privilege of doing business in New Mexico.
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.
The statewide portion of the Gross Receipts Tax (GRT), the taxes that businesses pay on the goods they sell, dropped to 4.875% effective July 1, 2023, resulting in changes to the overall rates across New Mexico.
