New Mexico Tax Department Releases Revised Medical Tax Breaks for Seniors

The New Mexico Taxation and Revenue Department May 30 released a guide on medical tax breaks for seniors. The guide provides: 1) that individuals 65 years or older are eligible for tax relief based on medical expenses if they meet certain conditions; 2) that an exemption of $3,000 and a credit of $2,800 are available to senior taxpayers who have unreimbursed and uncompensated medical expenses of at least $28,0000 during the tax year; and 3) conditions that must be met to be eligible for the tax breaks. [N.M. Tax’n & Revenue Dep’t, Quick Guide 014, 05/30/24]

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