1031 Exchange New Mexico

 

Capital Gains Rates

State Rate
4.90%
Local Rate
0.00%
Deduction
50% deductibility
Combined Rate
29.90%

Additional State Capital Gains Tax Information for New Mexico

The Combined Rate accounts for Federal, State, and Local tax rate on capital gains income, the 3.8 percent Surtax on capital gains and the marginal effect of Pease Limitations (which results in a tax rate increase of 1.18 percent). The Combined Rate also accounts for New Mexico permitting of a 50% State deduction of Federally taxable capital gains.

Additional State Income Tax Information for New Mexico

New Mexico levies state taxes at rates ranging from 1.70% to 4.90%, assessed over progressive income brackets.

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Source: Tax Foundation State Individual Tax Rates and Brackets for 2020 as of March 2020