Renters credit in New Mexico
Varies
Can Renters Get a Tax Break in New Mexico?
Short answer: Yes: New Mexico offers the Property Tax Rebate for Persons 65 or Older. Rebate of up to $250 ($125 married filing separately) for low-income seniors where 6% of rent paid counts as property tax, claimed on Schedule PIT-RC with the state income tax return. Age 65+; modified gross income of $16,000 or less; cannot be claimed as a dependent.
The separate low-income property tax rebate for Los Alamos, Santa Fe, Doña Ana, and Bernalillo County residents applies only to property you own, not rent. Rent on your own home isn't deductible on your federal return; the exceptions are a home office used for your business or renting out part of the place you rent.
Records to keep: Keep your lease, rent receipts or a landlord rent certificate, and proof of household income. Check your state's current-year form and deadline before you apply.
Renters credit in New Mexico
Varies
Individuals / Personal Taxes
Yes: New Mexico offers the Property Tax Rebate for Persons 65 or Older. Rebate of up to $250 ($125 married filing separately) for low-income seniors where 6% of rent paid counts as property tax, claimed on Schedule PIT-RC with the state income tax return. Age 65+; modified gross income of $16,000 or less; cannot be claimed as a dependent.
Business justification
Yes: New Mexico offers the Property Tax Rebate for Persons 65 or Older. Rebate of up to $250 ($125 married filing separately) for low-income seniors where 6% of rent paid counts as property tax, claimed on Schedule PIT-RC with the state income tax return. Age 65+; modified gross income of $16,000 or less; cannot be claimed as a dependent. The separate low-income property tax rebate for Los Alamos, Santa Fe, Doña Ana, and Bernalillo County residents applies only to property you own, not rent. Rent on your own home isn't deductible on your federal return; the exceptions are a home office used for your business or renting out part of the place you rent.
Category
- Personal Tax Deductions