Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [new-mexico]

Use this tag for questions related to rules and experiences specific to the State of New Mexico in the United States.

Use this tag for questions related to rules and experiences specific to the State of New Mexico in the United States. This will include questions about tax laws of the state.

11 questions
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I need a title out of my name from a vehicle that my ex drive, refuses to cooperate, what can I do to resolve this?

The vehicle my ex fiance drives has the title under my name only. I have been understanding and cooperative for 10 months now. It's gotten to the point he refuses to cooperate and the last two months I have had to reach out to his mother to pay his…
Brianna
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13
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1 answer

Can I use the new tax law to help with private school?

We live in a city that has a very low rated school system, therefore we have been enrolling our 2 children in a private school that costs $12,000 per year per child. This comes with quite a bit of sacrifice, including driving older cars, never…
T James
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7
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1 answer

Is there any program American can take advantage of to help offset childcare costs during Covid-19?

Due to Covid-19, my son's schools have been shut down for most of the year. Though my workplace allows parents to bring their children to work, he is special needs/has a disability, so requires much assistance. As such, we've had to pay a babysitter…
Village
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Bought a house, a/c not working, contract specifies a/c service, who is at fault?

I bought a house in New Mexico that closed about 2 months ago. According to the contract, the sellers agreed to have the a/c unit serviced. Exact words "seller agrees to have the a/c unit serviced by a licensed hvac technician". I did not receive…
aliciaquilts
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I got 1099-NEC that reports box 1 income but no state income (box 7), is this possible or an error?

My spouse did some work for Operation Bandana New Mexico last year, a nonprofit that makes face masks to donate to schools, etc. She got a 1099-NEC as expected with the income reported in box 1. However, this is the only box of the seven numbered…
NeutronStar
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2
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3 answers

Can State come after our house for previous owner's back taxes?

More than 4 years ago, we bought a house that was previously used as a business by the previous owner. Recently, we received a letter addressed to our property that stated the day care owed a large sum of money in back taxes and penalties. I will do…
T James
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Counter-intuitive distribution of Child-Care Assistance in New Mexico, USA: Would my family be better off earning less?

My understanding of how NM's child-care assistance program works is that my family would be financially better off if our income were lower. I'm hoping someone can explain why I'm wrong. Eligibility for the CCA program: “The Child Care Assistance…
Peter Davenport
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What are the disadvantages of home mortage being under only one spouse's name?

What disadvantages come from getting a home mortage on one person? I am looking to buy a first home on a short mortage of 5-10 years. I have good credit. My wife has no credit, but has sufficient savings for the down payment. If I take out a home…
Village
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Does the New Mexico Gross Receipts tax apply to non-business sale of personal property?

I recently sold some personal property (totaling a few hundred dollars) as a resident in New Mexico and was under the impression that, even for private and non-business transactions, the state gross receipts tax would apply. However, when I looked…
NeutronStar
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Gross receipts tax liability when operating an LLC in New Mexico as a nonresident alien

The title pretty much sums it up: will I be exempt from gross receipts tax if I'll be operating my New Mexico single-member LLC from abroad, as a nonresident alien, offering remote services (software development)?
asliwinski
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Why does New Mexico (apparently) require withholding more income than is required to cover state income tax?

New Mexico has four tax brackets, which for married filing jointly breaks down as (at least in 2019): 1.7% for $0-$8000, 3.2% for $8001-$1600, 4.7% for $1601-2401, and 4.9% for $2401 and above. I'm new to New Mexico and I have noticed something…
NeutronStar
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