Tax & Accounting Blog

What To Do With New Mexico Fully Depreciated Assets

Blog, ONESOURCE Property Tax February 7, 2014

New Mexico

Fully depreciated assets are not reported or taxed in New Mexico. Any assets depreciated to a zero value and written off the books are not reported on the Personal Property Business Equipment Report. (NM Property Tax Code (A)1))

If a federal depreciation deduction was taken and/or a Section-179 expense was taken and reported to the IRS for the previous tax year (7-36-8 NMSA – 1993 Amended), “A copy of the Federal Depreciation Schedule must be attached and returned with the 2014 Personal Property Business Equipment Report.”