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New Mexico allows a credit for income taxes paid to another state to the extent the same income is also taxed to New Mexico, but not more that the tax paid in New Mexico. So the issue is whether the tax on the capital gain income in Montana is equal to or less than the tax on that same income in New Mexico. I suggest you review the New Mexico return and see how the capital gain income is being taxed to verify that the credit for taxes paid to Montana is correct.
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‎January 23, 2024
8:03 PM