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Nm taxation and revenue department Publication 946 - Introductory Material Table of Contents What's New for 2013 What's New for 2014 Reminders IntroductionOrdering forms and publications. Nm taxation and revenue department Tax questions. Nm taxation and revenue department What's New for 2013 Increased section 179 deduction dollar limits. Nm taxation and revenue department  The maximum amount you can elect to deduct for most section 179 property you placed in service in 2013 is $500,000 ($535,000 for qualified enterprise zone property). Nm taxation and revenue department This limit is reduced by the amount by which the cost of the property placed in service during the tax year exceeds $2,000,000. Nm taxation and revenue department See Dollar Limits under How Much Can You Deduct in chapter 2. Nm taxation and revenue department Depreciation limits on business vehicles. Nm taxation and revenue department  The total section 179 deduction and depreciation you can deduct for a passenger automobile (that is not a truck or van) you use in your business and first placed in service in 2013 is $3,160, if the special depreciation allowance does not apply. Nm taxation and revenue department The maximum deduction you can take for a truck or van you use in your business and first placed in service in 2013 is $3,360, if the special depreciation allowance does not apply. Nm taxation and revenue department See Maximum Depreciation Deduction in chapter 5. Nm taxation and revenue department Special allowance for qualified second generation biofuel plant property. Nm taxation and revenue department . Nm taxation and revenue department  For tax years ending after December 31, 2012, you may be able to take a 50% special depreciation allowance for qualified second generation biofuel plant property placed in service after January 2, 2013, and before January 1, 2014. Nm taxation and revenue department Election to accelerate minimum tax credits for round 3 extension property. Nm taxation and revenue department . Nm taxation and revenue department  For tax years ending after December 31, 2012, a corporation can elect to claim pre-2006 unused minimum tax credits in lieu of the special depreciation allowance for round 3 extension property. Nm taxation and revenue department What's New for 2014 Expiration of the increased section 179 deduction limits and expanded definition of section 179 property. Nm taxation and revenue department  For tax years beginning after 2013, the increased section 179 expense deduction limit and threshold amount before reduction in limitation will no longer apply. Nm taxation and revenue department Also, the definition of section 179 property will no longer include certain qualified real property. Nm taxation and revenue department Expiration of the 7-year recovery period for motor sports entertainment complexes. Nm taxation and revenue department  Qualified motor sports entertainment complex property placed in service after December 31, 2013, will not be treated as 7-year property under MACRS. Nm taxation and revenue department Expiration of the 15-year recovery period for qualified leasehold improvement, restaurant, and retail improvement properties. Nm taxation and revenue department  Qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property placed in service after December 31, 2013, will not be treated as 15-year property under MACRS. Nm taxation and revenue department Expiration of the accelerated depreciation for qualified Indian reservation property. Nm taxation and revenue department  The accelerated depreciation of property on an Indian Reservation will not apply to property placed in service after December 31, 2013. Nm taxation and revenue department Expiration of the 3-year recovery period for certain race horses. Nm taxation and revenue department  The 3-year recovery period for race horses two years old or younger will expire for such horses placed in service after December 31, 2013. Nm taxation and revenue department Reminders Photographs of missing children. Nm taxation and revenue department  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Nm taxation and revenue department Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Nm taxation and revenue department You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Nm taxation and revenue department Introduction Future developments. Nm taxation and revenue department   For the latest information about developments related to Publication 946 such as legislation enacted after this publication was published, go to www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/pub946. Nm taxation and revenue department This publication explains how you can recover the cost of business or income-producing property through deductions for depreciation (for example, the special depreciation allowance and deductions under the Modified Accelerated Cost Recovery System (MACRS)). Nm taxation and revenue department It also explains how you can elect to take a section 179 deduction, instead of depreciation deductions, for certain property, and the additional rules for listed property. Nm taxation and revenue department The depreciation methods discussed in this publication generally do not apply to property placed in service before 1987. Nm taxation and revenue department For more information, see Publication 534, Depreciating Property Placed in Service Before 1987. Nm taxation and revenue department Definitions. Nm taxation and revenue department   Many of the terms used in this publication are defined in the Glossary near the end of the publication. Nm taxation and revenue department Glossary terms used in each discussion under the major headings are listed before the beginning of each discussion throughout the publication. Nm taxation and revenue department Do you need a different publication?   The following table shows where you can get more detailed information when depreciating certain types of property. Nm taxation and revenue department For information on depreciating: See Publication: A car 463, Travel, Entertainment, Gift, and Car Expenses Residential rental property 527, Residential Rental Property (Including Rental of Vacation Home) Office space in your home 587, Business Use of Your Home (Including Use by Daycare Providers) Farm property 225, Farmer's Tax Guide Comments and suggestions. Nm taxation and revenue department   We welcome your comments about this publication and your suggestions for future editions. Nm taxation and revenue department   You can write to us at the following address: Internal Revenue Service Business, Exempt Organizations and International Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. Nm taxation and revenue department NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Nm taxation and revenue department Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Nm taxation and revenue department   You can send us comments from www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/formspubs/. Nm taxation and revenue department Select “Comment on Tax Forms and Publications” under “More Information. Nm taxation and revenue department ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Nm taxation and revenue department Ordering forms and publications. Nm taxation and revenue department   Visit www. Nm taxation and revenue department irs. Nm taxation and revenue department gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Nm taxation and revenue department Internal Revenue Service 1201 N. Nm taxation and revenue department Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Nm taxation and revenue department   If you have a tax question, check the information available on IRS. Nm taxation and revenue department gov or call 1-800-829-1040. Nm taxation and revenue department We cannot answer tax questions sent to either of the above addresses. Nm taxation and revenue department Prev  Up  Next   Home   More Online Publications
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Nm taxation and revenue department 3. Nm taxation and revenue department   Exclusions From Gross Income Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Resident AliensForeign Earned Income and Housing Amount Nonresident AliensInterest Income Dividend Income Services Performed for Foreign Employer Gambling Winnings From Dog or Horse Racing Gain From the Sale of Your Main Home Scholarships and Fellowship GrantsExpenses that do not qualify. Nm taxation and revenue department Introduction Resident and nonresident aliens are allowed exclusions from gross income if they meet certain conditions. Nm taxation and revenue department An exclusion from gross income is generally income you receive that is not included in your U. Nm taxation and revenue department S. Nm taxation and revenue department income and is not subject to U. Nm taxation and revenue department S. Nm taxation and revenue department tax. Nm taxation and revenue department This chapter covers some of the more common exclusions allowed to resident and nonresident aliens. Nm taxation and revenue department Topics - This chapter discusses: Nontaxable interest, Nontaxable dividends, Certain compensation paid by a foreign employer, Gain from sale of home, and Scholarships and fellowship grants. Nm taxation and revenue department Useful Items - You may want to see: Publication 54 Tax Guide for U. Nm taxation and revenue department S. Nm taxation and revenue department Citizens and Resident Aliens Abroad 523 Selling Your Home See chapter 12 for information about getting these publications. Nm taxation and revenue department Resident Aliens Resident aliens may be able to exclude the following items from their gross income. Nm taxation and revenue department Foreign Earned Income and Housing Amount If you are physically present in a foreign country or countries for at least 330 full days during any period of 12 consecutive months, you may qualify for the foreign earned income exclusion. Nm taxation and revenue department The exclusion is $97,600 in 2013. Nm taxation and revenue department In addition, you may be able to exclude or deduct certain foreign housing amounts. Nm taxation and revenue department You may also qualify if you are a bona fide resident of a foreign country and you are a citizen or national of a country with which the United States has an income tax treaty. Nm taxation and revenue department For more information, see Publication 54. Nm taxation and revenue department Foreign country. Nm taxation and revenue department    A foreign country is any territory under the sovereignty of a government other than that of the United States. Nm taxation and revenue department   The term “foreign country” includes the country's territorial waters and airspace, but not international waters and the airspace above them. Nm taxation and revenue department It also includes the seabed and subsoil of those submarine areas adjacent to the country's territorial waters over which it has exclusive rights under international law to explore and exploit the natural resources. Nm taxation and revenue department   The term “foreign country” does not include U. Nm taxation and revenue department S. Nm taxation and revenue department possessions or territories. Nm taxation and revenue department It does not include the Antarctic region. Nm taxation and revenue department Nonresident Aliens Nonresident aliens can exclude the following items from their gross income. Nm taxation and revenue department Interest Income Interest income that is not connected with a U. Nm taxation and revenue department S. Nm taxation and revenue department trade or business is excluded from income if it is from: Deposits (including certificates of deposit) with persons in the banking business, Deposits or withdrawable accounts with mutual savings banks, cooperative banks, credit unions, domestic building and loan associations, and other savings institutions chartered and supervised as savings and loan or similar associations under federal or state law (if the interest paid or credited can be deducted by the association), and Amounts held by an insurance company under an agreement to pay interest on them. Nm taxation and revenue department State and local government obligations. Nm taxation and revenue department   Interest on obligations of a state or political subdivision, the District of Columbia, or a U. Nm taxation and revenue department S. Nm taxation and revenue department possession, generally is not included in income. Nm taxation and revenue department However, interest on certain private activity bonds, arbitrage bonds, and certain bonds not in registered form is included in income. Nm taxation and revenue department Portfolio interest. Nm taxation and revenue department   Interest and original issue discount that qualifies as portfolio interest is not subject to NRA withholding. Nm taxation and revenue department To qualify as portfolio interest, the interest must be paid on obligations issued after July 18, 1984, and otherwise subject to NRA withholding. Nm taxation and revenue department Note. Nm taxation and revenue department For obligations issued after March 18, 2012, portfolio interest does not include interest paid on debt that is not in registered form. Nm taxation and revenue department Before March 19, 2012, portfolio interest included interest on certain registered and nonregistered (bearer) bonds if the obligations meet the requirements described below. Nm taxation and revenue department Obligations in registered form. Nm taxation and revenue department   Portfolio interest includes interest paid on an obligation that is in registered form, and for which you have received documentation that the beneficial owner of the obligation is not a United States person. Nm taxation and revenue department   Generally, an obligation is in registered form if: (i) the obligation is registered as to both principal and any stated interest with the issuer (or its agent) and any transfer of the obligation may be effected only by surrender of the old obligation and reissuance to the new holder; (ii) the right to principal and stated interest with respect to the obligation may be transferred only through a book entry system maintained by the issuer or its agent; or (iii) the obligation is registered as to both principal and stated interest with the issuer or its agent and can be transferred both by surrender and reissuance and through a book entry system. Nm taxation and revenue department   An obligation that would otherwise be considered to be in registered form is not considered to be in registered form as of a particular time if it can be converted at any time in the future into an obligation that is not in registered form. Nm taxation and revenue department For more information on whether obligations are considered to be in registered form, see Portfolio interest in Publication 515. Nm taxation and revenue department Obligations not in registered form. Nm taxation and revenue department    For obligations issued before March 19, 2012, interest on an obligation that is not in registered form (bearer obligation) is portfolio interest if the obligation is foreign-targeted. Nm taxation and revenue department A bearer obligation is foreign-targeted if: There are arrangements to ensure that the obligation will be sold, or resold in connection with the original issue, only to a person who is not a United States person, Interest on the obligation is payable only outside the United States and its possessions, and The face of the obligation contains a statement that any United States person who holds the obligation will be subject to limits under the United States income tax laws. Nm taxation and revenue department   Documentation is not required for interest on bearer obligations to qualify as portfolio interest. Nm taxation and revenue department In some cases, however, you may need documentation for purposes of Form 1099 reporting and backup withholding. Nm taxation and revenue department Interest that does not qualify as portfolio interest. Nm taxation and revenue department   Payments to certain persons and payments of contingent interest do not qualify as portfolio interest. Nm taxation and revenue department You must withhold at the statutory rate on such payments unless some other exception, such as a treaty provision, applies. Nm taxation and revenue department Contingent interest. Nm taxation and revenue department   Portfolio interest does not include contingent interest. Nm taxation and revenue department Contingent interest is either of the following: Interest that is determined by reference to: Any receipts, sales, or other cash flow of the debtor or related person, Income or profits of the debtor or related person, Any change in value of any property of the debtor or a related person, or Any dividend, partnership distributions, or similar payments made by the debtor or a related person. Nm taxation and revenue department For exceptions, see Internal Revenue Code section 871(h)(4)(C). Nm taxation and revenue department Any other type of contingent interest that is identified by the Secretary of the Treasury in regulations. Nm taxation and revenue department Related persons. Nm taxation and revenue department   Related persons include the following. Nm taxation and revenue department Members of a family, including only brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. Nm taxation and revenue department ), and lineal descendants (children, grandchildren, etc. Nm taxation and revenue department ). Nm taxation and revenue department Any person who is a party to any arrangement undertaken for the purpose of avoiding the contingent interest rules. Nm taxation and revenue department Certain corporations, partnerships, and other entities. Nm taxation and revenue department For details, see Nondeductible Loss in chapter 2 of Publication 544. Nm taxation and revenue department Exception for existing debt. Nm taxation and revenue department   Contingent interest does not include interest paid or accrued on any debt with a fixed term that was issued: On or before April 7, 1993, or After April 7, 1993, pursuant to a written binding contract in effect on that date and at all times thereafter before that debt was issued. Nm taxation and revenue department Dividend Income The following dividend income is exempt from the 30% tax. Nm taxation and revenue department Certain dividends paid by foreign corporations. Nm taxation and revenue department   There is no 30% tax on U. Nm taxation and revenue department S. Nm taxation and revenue department source dividends you receive from a foreign corporation. Nm taxation and revenue department See Second exception under Dividends in chapter 2 for how to figure the amount of U. Nm taxation and revenue department S. Nm taxation and revenue department source dividends. Nm taxation and revenue department Certain interest-related dividends. Nm taxation and revenue department   There is no 30% tax on interest-related dividends from sources within the United States that you receive from a mutual fund or other regulated investment company in 2013. Nm taxation and revenue department The mutual fund will designate in writing which dividends are interest-related dividends. Nm taxation and revenue department Certain short-term capital gain dividends. Nm taxation and revenue department   There may not be any 30% tax on certain short-term capital gain dividends from sources within the United States that you receive from a mutual fund or other regulated investment company. Nm taxation and revenue department The mutual fund will designate in writing which dividends are short-term capital gain dividends. Nm taxation and revenue department This tax relief will not apply to you if you are present in the United States for 183 days or more during your tax year. Nm taxation and revenue department Services Performed for Foreign Employer If you were paid by a foreign employer, your U. Nm taxation and revenue department S. Nm taxation and revenue department source income may be exempt from U. Nm taxation and revenue department S. Nm taxation and revenue department tax, but only if you meet one of the situations discussed next. Nm taxation and revenue department Employees of foreign persons, organizations, or offices. Nm taxation and revenue department   Income for personal services performed in the United States as a nonresident alien is not considered to be from U. Nm taxation and revenue department S. Nm taxation and revenue department sources and is tax exempt if you meet all three of the following conditions. Nm taxation and revenue department You perform personal services as an employee of or under a contract with a nonresident alien individual, foreign partnership, or foreign corporation, not engaged in a trade or business in the United States; or you work for an office or place of business maintained in a foreign country or possession of the United States by a U. Nm taxation and revenue department S. Nm taxation and revenue department corporation, a U. Nm taxation and revenue department S. Nm taxation and revenue department partnership, or a U. Nm taxation and revenue department S. Nm taxation and revenue department citizen or resident. Nm taxation and revenue department You perform these services while you are a nonresident alien temporarily present in the United States for a period or periods of not more than a total of 90 days during the tax year. Nm taxation and revenue department Your pay for these services is not more than $3,000. Nm taxation and revenue department If you do not meet all three conditions, your income from personal services performed in the United States is U. Nm taxation and revenue department S. Nm taxation and revenue department source income and is taxed according to the rules in chapter 4. Nm taxation and revenue department   If your pay for these services is more than $3,000, the entire amount is income from a trade or business within the United States. Nm taxation and revenue department To find if your pay is more than $3,000, do not include any amounts you get from your employer for advances or reimbursements of business travel expenses, if you were required to and did account to your employer for those expenses. Nm taxation and revenue department If the advances or reimbursements are more than your expenses, include the excess in your pay for these services. Nm taxation and revenue department   A day means a calendar day during any part of which you are physically present in the United States. Nm taxation and revenue department Example 1. Nm taxation and revenue department During 2013, Henry Smythe, a nonresident alien from a nontreaty country, worked for an overseas office of a U. Nm taxation and revenue department S. Nm taxation and revenue department partnership. Nm taxation and revenue department Henry, who uses the calendar year as his tax year, was temporarily present in the United States for 60 days during 2013 performing personal services for the overseas office of the partnership. Nm taxation and revenue department That office paid him a total gross salary of $2,800 for those services. Nm taxation and revenue department During 2013, he was not engaged in a trade or business in the United States. Nm taxation and revenue department The salary is not considered U. Nm taxation and revenue department S. Nm taxation and revenue department source income and is exempt from U. Nm taxation and revenue department S. Nm taxation and revenue department tax. Nm taxation and revenue department Example 2. Nm taxation and revenue department The facts are the same as in Example 1, except that Henry's total gross salary for the services performed in the United States during 2013 was $4,500. Nm taxation and revenue department He received $2,875 in 2013, and $1,625 in 2014. Nm taxation and revenue department During 2013, he was engaged in a trade or business in the United States because the compensation for his personal services in the United States was more than $3,000. Nm taxation and revenue department Henry's salary is U. Nm taxation and revenue department S. Nm taxation and revenue department source income and is taxed under the rules in chapter 4. Nm taxation and revenue department Crew members. Nm taxation and revenue department   Compensation for services performed by a nonresident alien in connection with the individual's temporary presence in the United States as a regular crew member of a foreign vessel (for example, a boat or ship) engaged in transportation between the United States and a foreign country or U. Nm taxation and revenue department S. Nm taxation and revenue department possession is not U. Nm taxation and revenue department S. Nm taxation and revenue department source income and is exempt from U. Nm taxation and revenue department S. Nm taxation and revenue department tax. Nm taxation and revenue department This exemption does not apply to compensation for services performed on foreign aircraft. Nm taxation and revenue department Students and exchange visitors. Nm taxation and revenue department   Nonresident alien students and exchange visitors present in the United States under “F,” “J,” or “Q” visas can exclude from gross income pay received from a foreign employer. Nm taxation and revenue department   This group includes bona fide students, scholars, trainees, teachers, professors, research assistants, specialists, or leaders in a field of specialized knowledge or skill, or persons of similar description. Nm taxation and revenue department It also includes the alien's spouse and minor children if they come with the alien or come later to join the alien. Nm taxation and revenue department   A nonresident alien temporarily present in the United States under a “J” visa includes an alien individual entering the United States as an exchange visitor under the Mutual Educational and Cultural Exchange Act of 1961. Nm taxation and revenue department Foreign employer. Nm taxation and revenue department   A foreign employer is: A nonresident alien individual, foreign partnership, or foreign corporation, or An office or place of business maintained in a foreign country or in a U. Nm taxation and revenue department S. Nm taxation and revenue department possession by a U. Nm taxation and revenue department S. Nm taxation and revenue department corporation, a U. Nm taxation and revenue department S. Nm taxation and revenue department partnership, or an individual who is a U. Nm taxation and revenue department S. Nm taxation and revenue department citizen or resident. Nm taxation and revenue department   The term “foreign employer” does not include a foreign government. Nm taxation and revenue department Pay from a foreign government that is exempt from U. Nm taxation and revenue department S. Nm taxation and revenue department income tax is discussed in chapter 10. Nm taxation and revenue department Income from certain annuities. Nm taxation and revenue department   Do not include in income any annuity received under a qualified annuity plan or from a qualified trust exempt from U. Nm taxation and revenue department S. Nm taxation and revenue department income tax if you meet both of the following conditions. Nm taxation and revenue department You receive the annuity only because: You performed personal services outside the United States while you were a nonresident alien, or You performed personal services inside the United States while you were a nonresident alien and you met the three conditions, described earlier, under Employees of foreign persons, organizations, or offices . Nm taxation and revenue department At the time the first amount is paid as an annuity under the plan (or by the trust), 90% or more of the employees for whom contributions or benefits are provided under the annuity plan (or under the plan of which the trust is a part) are U. Nm taxation and revenue department S. Nm taxation and revenue department citizens or residents. Nm taxation and revenue department   If the annuity qualifies under condition (1) but not condition (2) above, you do not have to include the amount in income if: You are a resident of a country that gives a substantially equal exclusion to U. Nm taxation and revenue department S. Nm taxation and revenue department citizens and residents, or You are a resident of a beneficiary developing country under Title V of the Trade Act of 1974. Nm taxation and revenue department   If you are not sure whether the annuity is from a qualified annuity plan or qualified trust, ask the person who made the payment. Nm taxation and revenue department Income affected by treaties. Nm taxation and revenue department   Income of any kind that is exempt from U. Nm taxation and revenue department S. Nm taxation and revenue department tax under a treaty to which the United States is a party is excluded from your gross income. Nm taxation and revenue department Income on which the tax is only limited by treaty, however, is included in gross income. Nm taxation and revenue department See chapter 9. Nm taxation and revenue department Gambling Winnings From Dog or Horse Racing You can exclude from your gross income winnings from legal wagers initiated outside the United States in a parimutuel pool with respect to a live horse or dog race in the United States. Nm taxation and revenue department Gain From the Sale of Your Main Home If you sold your main home, you may be able to exclude up to $250,000 of the gain on the sale of your home. Nm taxation and revenue department If you are married and file a joint return, you may be able to exclude up to $500,000. Nm taxation and revenue department For information on the requirements for this exclusion, see Publication 523. Nm taxation and revenue department This exclusion does not apply to nonresident aliens who are subject to the expatriation tax rules discussed in chapter 4. Nm taxation and revenue department Scholarships and Fellowship Grants If you are a candidate for a degree, you may be able to exclude from your income part or all of the amounts you receive as a qualified scholarship. Nm taxation and revenue department The rules discussed here apply to both resident and nonresident aliens. Nm taxation and revenue department If a nonresident alien receives a grant that is not from U. Nm taxation and revenue department S. Nm taxation and revenue department sources, it is not subject to U. Nm taxation and revenue department S. Nm taxation and revenue department tax. Nm taxation and revenue department See Scholarships, Grants, Prizes, and Awards in chapter 2 to determine whether your grant is from U. Nm taxation and revenue department S. Nm taxation and revenue department sources. Nm taxation and revenue department A scholarship or fellowship is excludable from income only if: You are a candidate for a degree at an eligible educational institution, and You use the scholarship or fellowship to pay qualified education expenses. Nm taxation and revenue department Candidate for a degree. Nm taxation and revenue department   You are a candidate for a degree if you: Attend a primary or secondary school or are pursuing a degree at a college or university, or Attend an accredited educational institution that is authorized to provide: A program that is acceptable for full credit toward a bachelor's or higher degree, or A program of training to prepare students for gainful employment in a recognized occupation. Nm taxation and revenue department Eligible educational institution. Nm taxation and revenue department   An eligible educational institution is one that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. Nm taxation and revenue department Qualified education expenses. Nm taxation and revenue department   These are expenses for: Tuition and fees required to enroll at or attend an eligible educational institution, and Course-related expenses, such as fees, books, supplies, and equipment that are required for the courses at the eligible educational institution. Nm taxation and revenue department These items must be required of all students in your course of instruction. Nm taxation and revenue department However, in order for these to be qualified education expenses, the terms of the scholarship or fellowship cannot require that it be used for other purposes, such as room and board, or specify that it cannot be used for tuition or course-related expenses. Nm taxation and revenue department Expenses that do not qualify. Nm taxation and revenue department   Qualified education expenses do not include the cost of: Room and board, Travel, Research, Clerical help, or Equipment and other expenses that are not required for enrollment in or attendance at an eligible educational institution. Nm taxation and revenue department This is true even if the fee must be paid to the institution as a condition of enrollment or attendance. Nm taxation and revenue department Scholarship or fellowship amounts used to pay these costs are taxable. Nm taxation and revenue department Amounts used to pay expenses that do not qualify. Nm taxation and revenue department   A scholarship amount used to pay any expense that does not qualify is taxable, even if the expense is a fee that must be paid to the institution as a condition of enrollment or attendance. Nm taxation and revenue department Payment for services. Nm taxation and revenue department   You cannot exclude from income the portion of any scholarship, fellowship, or tuition reduction that represents payment for past, present, or future teaching, research, or other services. Nm taxation and revenue department This is true even if all candidates for a degree are required to perform the services as a condition for receiving the degree. Nm taxation and revenue department Example. Nm taxation and revenue department On January 7, Maria Gomez is notified of a scholarship of $2,500 for the spring semester. Nm taxation and revenue department As a condition for receiving the scholarship, Maria must serve as a part-time teaching assistant. Nm taxation and revenue department Of the $2,500 scholarship, $1,000 represents payment for her services. Nm taxation and revenue department Assuming that Maria meets all other conditions, she can exclude no more than $1,500 from income as a qualified scholarship. Nm taxation and revenue department Prev  Up  Next   Home   More Online Publications