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Deductions & credits
Apparently New Mexico is joined only by Hawaii and South Dakota that are states that charge taxes on real estate commissions.
As it's not separately deductible, I would just add it to the cost of the property and account for it as part of the gain or loss when sold.
It's not separately deductible because it's not one of the items you can add to the IRS sales tax tables. The IRS sales tax tables can have certain additions. These are limited to:
- a motor vehicle (including a car, motorcycle, motor home, recreational vehicle, sport utility vehicle, truck, van, and off-road vehicle
- a leased motor vehicle.
- an aircraft, boat, home (including mobile and prefabricated),
- or home
building materials, if the tax rate was the same as the general sales tax
rate.
‎June 4, 2019
4:40 PM