Updated March 29, 2026
Capital Gains: 1.5% - 5.9% (with deduction)Income Tax: 1.5% - 5.9%Tax Summary
New Mexico treats cryptocurrency as property, following federal tax guidelines. Capital gains and income from crypto are subject to state personal income tax at rates from 1.5% to 5.9%. A net capital gains deduction is available, up to $2,500 or more for certain business sales.
Quick facts for New Mexico, United States
Capital Gains Tax
1.5% - 5.9% (with deduction)Income Tax Rate
1.5% - 5.9%Capital Gains Tax
1.5% - 5.9% (with deduction)- Crypto capital gains classified as net capital gains per federal rules (property disposition).
- Taxed as ordinary income after net capital gains deduction on Schedule PIT-ADJ.
- Deduction: greater of 100% of net gains up to $2,500 or 40% of up to $1M from NM business sale.
- No holding period distinction at state level; follows federal short/long-term.
- No specific crypto exemptions or thresholds beyond general deduction.
- Taxed as ordinary income after net capital gains deduction on Schedule PIT-ADJ.
- Deduction: greater of 100% of net gains up to $2,500 or 40% of up to $1M from NM business sale.
- No holding period distinction at state level; follows federal short/long-term.
- No specific crypto exemptions or thresholds beyond general deduction.
Income Tax
1.5% - 5.9%- Mining income taxed as ordinary income at fair market value when mined.
- Staking rewards taxed as ordinary income at fair market value when received.
- Follows federal classification; included in NM adjusted gross income.
- No state-specific rules diverging from federal treatment.
- Staking rewards taxed as ordinary income at fair market value when received.
- Follows federal classification; included in NM adjusted gross income.
- No state-specific rules diverging from federal treatment.
Reporting Requirements
- Report all crypto gains and income on federal return (e.g., Form 1040, Schedule 1/D); flows to NM PIT-1.
- Claim capital gains deduction on PIT-ADJ attached to PIT-1.
- File PIT-1 if NM taxable income exceeds filing thresholds (e.g., $4,000 single under 65).
- Deadline: April 30 (or next business day). Extensions available.
- Claim capital gains deduction on PIT-ADJ attached to PIT-1.
- File PIT-1 if NM taxable income exceeds filing thresholds (e.g., $4,000 single under 65).
- Deadline: April 30 (or next business day). Extensions available.
Special Notes
- No specific cryptocurrency guidance; conforms closely to federal IRC.
- Gross Receipts Tax may apply to business crypto sales, not personal.
- Recent changes: Capital gains deduction expanded (up to $2,500 general, higher for NM business in 2025+).
- Consult official TRD site or professional for personalized advice.
- Gross Receipts Tax may apply to business crypto sales, not personal.
- Recent changes: Capital gains deduction expanded (up to $2,500 general, higher for NM business in 2025+).
- Consult official TRD site or professional for personalized advice.
Other US States
Compare state-level crypto tax differences across the United States.
Alabama
CG: 2%-5%Income: 2%-5%
Alaska
CG: 0%Income: 0%
Arizona
CG: 2.5%Income: 2.5%
Arkansas
CG: 0% - 3.9%Income: 0% - 3.9%
California
CG: 1%-13.3% (ordinary income rates)Income: 1%-13.3% (ordinary income rates)
Colorado
CG: 4.4%Income: 4.4%
Connecticut
CG: 2%-6.99% (taxed as ordinary income)Income: 2%-6.99%
Delaware
CG: 2.2%-6.6%Income: 2.2%-6.6%
District of Columbia
CG: 4-10.75% (taxed as ordinary income)Income: 4-10.75%
Florida
CG: 0%Income: 0%
Georgia
CG: 5.19% (taxed as ordinary income)Income: 5.19% (flat rate)
Hawaii
CG: 7.25% (elective on net capital gains); short-term: 1.4%-11%Income: 1.4%-11%
Idaho
CG: 0% up to $4,811 (single) / $9,622 (married); 5.3% thereafterIncome: 0% up to $4,811 (single) / $9,622 (married); 5.3% thereafter
Illinois
CG: 4.95%Income: 4.95%
Indiana
CG: 2.95% state + 0.5%-3% county (varies by location)<argumentIncome: 2.95% state + 0.5%-3% county (varies by location)<argument
Iowa
CG: 3.8% (flat rate, taxed as ordinary income)Income: 3.8% (flat rate)
Kansas
CG: 5.2% - 5.58%Income: 5.2% - 5.58%
Kentucky
CG: 3.5% (flat rate)Income: 3.5% (flat rate)
Louisiana
CG: 3%Income: 3%
Maine
CG: 5.8%-7.15%Income: 5.8%-7.15%
Maryland
CG: 2%-6.5% state + 2.25%-3.3% local + 2% surtax on net gains (FAGI > $350k)<grok:render type="render_inlIncome: 2%-6.5% state + 2.25%-3.3% local
Massachusetts
CG: 5% (long-term), 8.5% (short-term)Income: 5% flat + 4% surtax over $1,083,150
Michigan
CG: 4.25%Income: 4.25%
Minnesota
CG: 5.35%-9.85%; +1% on net investment income over $1MIncome: 5.35%-9.85%
Mississippi
CG: 4.4%Income: 4.4%
Missouri
CG: 0%Income: 0-4.7%
Montana
CG: Short-term: 4.7%-5.65%; Long-term: 3%-4.1%Income: 4.7%-5.65%
Nebraska
CG: 2.46%-5.20% (tax year 2025); top rate 4.55% (2026)Income: 2.46%-5.20% (tax year 2025); top rate 4.55% (2026)
Nevada
CG: 0%Income: 0%
New Hampshire
CG: 0%Income: 0%
New Jersey
CG: 1.4%-10.75% (taxed as ordinary income)Income: 1.4%-10.75%
New York
CG: 4%-10.9% (state ordinary income rates); +3.078%-3.876% NYCIncome: 4%-10.9% (state ordinary income rates); +3.078%-3.876% NYC
North Carolina
CG: 4.25% (TY 2025); 3.99% (TY 2026)Income: 4.25% (TY 2025); 3.99% (TY 2026)
North Dakota
CG: Short-term: 1.95%-2.5%; Long-term: effective 1.17%-1.5% (after 40% exclusion)Income: 1.95%-2.5%
Ohio
CG: 0%-3.125%Income: 0%-3.125%
Oklahoma
CG: 0.25% - 4.5%Income: 0.25% - 4.5%
Oregon
CG: 4.75%-9.9% (taxed as ordinary income)Income: 4.75%-9.9%
Pennsylvania
CG: 3.07%Income: 3.07%
Rhode Island
CG: 3.75%-5.99%Income: 3.75%-5.99%
South Carolina
CG: 0%-6% (44% deduction on net LTCG)Income: 0%-6%
South Dakota
CG: 0%Income: 0%
Tennessee
CG: 0%Income: 0%
Texas
CG: 0%Income: 0%
Utah
CG: 4.5% (flat, as ordinary income)Income: 4.5% (flat rate)
Vermont
CG: 3.35%-8.75% (taxed as ordinary income)Income: 3.35%-8.75%
Virginia
CG: 2%-5.75%Income: 2%-5.75%
Washington
CG: 7%Income: 0%
West Virginia
CG: 2.22%-4.82%Income: 2.22%-4.82%
Wisconsin
CG: 3.50%-7.65% (30% deduction for long-term gains)Income: 3.50%-7.65%
Wyoming
CG: 0%Income: 0%
New Mexico Crypto Tax FAQ
Is cryptocurrency taxed in New Mexico?
New Mexico treats cryptocurrency as property, following federal tax guidelines. Capital gains and income from crypto are subject to state personal income tax at rates from 1.5% to 5.9%. A net capital gains deduction is available, up to $2,500 or more for certain business sales.
What is the crypto capital gains tax rate in New Mexico?
The state-level capital gains treatment in New Mexico is currently listed as 1.5% - 5.9% (with deduction).
How do I report crypto taxes in New Mexico?
- Report all crypto gains and income on federal return (e.g., Form 1040, Schedule 1/D); flows to NM PIT-1.
Compare With Other Countries
Disclaimer: This information is AI-generated and for educational purposes only. Tax laws are complex and subject to change. Always consult with a qualified tax professional for advice specific to your situation.