Albuquerque New Mexico online Form Instructions 706 2024-2025

Albuquerque New Mexico online Form Instructions 706: What You Should Know

Note: The forms are available in PDF, JPG, and plain text formats. Note: Your browser may ask you to allow pop-ups from this website. Allow the pop-ups and re-open the form and continue with the next form. FEDERAL ESTATE TAXES FEDERAL ESTATES, TRUSTS AND RELATED TAXES Federally-Listed Real Property Federally-Listed Real Property : The State of New Mexico recognizes the following special rules in determining the value of each real property. A taxpayer who purchases a real property for 50,000 or less and a real property tax of 500 or less, is deemed to have held an interest in the real property for less than five years, or is deemed to have been a beneficiary of the real property for less than five years. 1 This means that the taxpayer is treated as if it was not his/her principal residence for which a tax is imposed. The maximum term of the taxpayer's real property lease is from ten years after purchase, subject to the tax of 15% of the current fair market value, whichever is greater, until such time as the taxpayer disposes of the real property. The cost to the taxpayer of the real property is generally subject to tax at the greatest of 5% (rounded to the nearest 1,000) or the maximum fair market value. The maximum fair market value for a taxpayer who has not yet disposed of the real property if the property was originally acquired by the taxpayer under a bona fide open market sale is equal to the least of the following: (i) the amount described in subparagraph (1) of the definition of the term described above; or (ii) 25,000. 2 No taxes are required in connection with the disposition of the real property. 3 The real property held by the taxpayer for 5 years is subject to the real property tax at the greatest of 15% of the current fair market value or the cost of the real property, whichever is greater. 4 This means the real property tax is 0 from the first year that is taxable and is 15 for the first 5 years of tax payment after the tax has been paid by the taxpayer. This amount is not subject to the increased amount for a second or subsequent year.

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