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April 8, 2025
Question

What kinds of income are NOT required to be allocated to NM on NM Form PIT-B. I receive income fro 2real estate partnerships in New York State on which I pay tax to NYS. Am I required to allocate this income to NM on column 2 of PIT-B? If so, can I t

  • April 8, 2025
  • 1 reply
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  • What kinds of income are NOT required to be allocated to NM on NM Form PIT-B? I receive income from 2 real estate partnerships in New York State which I am taxed on by New York State. Am I required to allocate that partnership income earned and taxed in New York to NM on Firm PIT-B? In other words, do I have to enter it in column 2 as well as column 1 of PIT-B? And if so, can I claim the credit for tax paid to another state on Form PIT-1, line 20?

    1 reply

    April 17, 2025

    If you are a resident of New Mexico then you report all of your income to New Mexico - including the income from out of state.  Then you absolutely are entitled to a credit for the taxes paid to New York.

     

    @Gregg Manoff 

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