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Ellen, Tax Attorney
Category: Tax
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Experience:  25 years of experience helping people like you.
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how do i find out if i have to pay taxes in an inhertance

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how do i find out if i have to pay taxes in an inhertance

Thank you for your question. I will strive to provide you with legal information to assist you. If my answer is not clear to you, I encourage you to ask me for clarification by using the reply button.

New Mexico does not have an inheritance or estate tax. However an inheritance is included in a taxpayer's gross income
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Customer: replied 5 years ago.

where and whendo i report inhertance this year or do i what till next year when i do my taxes


You will need to report the inheritance on your New Mexico income tax statement for the year in which the inheritance is received