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FAQ: New Mexico Estate Tax
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The estate tax applies to the New Mexico portion of the net estate as a proportionate share of the federal credit for state estate taxes. The net estate located in New Mexico of a nonresident is also taxable as a fraction of the federal credit.
New Mexico has no inheritance tax on heirs, but an inheritance may be reflected in a taxpayer's modified gross income as defined by New Mexico. If so, New Mexico personal income tax laws would then apply.
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Added: Tue Jan 01 2002
Last Modified: Fri Jan 06 2012
