New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 116 - EXEMPTION - GROSS RECEIPTS TAX - OCCASIONAL SALE OF PROPERTY OR SERVICES
Section 3.2.116.10 - PERSONS HAVING RENTAL UNITS

Universal Citation: 3 NM Admin Code 3.2.116.10

Current through Register Vol. 35, No. 18, September 24, 2024

A. Any person who rents or leases rental units of real property may qualify for the deduction under Section 7-9-53 NMSA 1978. Taxpayers should review that statute and its regulations under Chapter 2 Part 211 of NMAC to determine if they qualify for this deduction. If the deduction applies, the person must register with the department and report the associated gross receipts and any applicable deductions.

B. If a person is engaging in the business of short-term rentals, the individual is subject to gross receipts tax. This person may also owe lodger's taxes to the specific county or municipality in which the rental unit of real property is located. Lodger's tax is not a tax administered by the taxation and revenue department.

C. For purposes of this section, a "short term rental" is defined as a rental of real property for fewer than thirty days at a time.

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