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You must file Form PIT-1 to report and pay personal income tax. The rates vary depending upon your filing status and income.
Does New Mexico tax trusts?
Estates and trusts are subject to income tax at personal income tax rates. The FID-1, New Mexico Fiduciary Income Tax Return can be found online.
Does New Mexico have an estate or inheritance tax?
NO. The estate tax is not an inheritance tax. New Mexico does not have an inheritance tax. Instead, some inheritances are taxed under New Mexicos income tax.
How much can you inherit without paying federal taxes?
There is no federal inheritance tax\u2014that is, a tax on the sum of assets an individual receives from a deceased person. However, a federal estate tax applies to estates larger than $11.7 million for 2021 and $12.06 million for 2022. The tax is assessed only on the portion of an estate that exceeds those amounts.
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