N.M. Admin. Code § 8.206.500.12

Current through Register Vol. 36, No. 1, January 14, 2025

Section 8.206.500.12 - COUNTABLE RESOURCES

Countable resources include but are not limited to the following:

A. cash value of life insurance policy owned by the applicant/recipient;

B. cash, bank accounts and other readily negotiable assets owned by the applicant/recipient are countable resources;

C. equipment, tools, and motor vehicles (which do not fit the vehicle exemption);

D. livestock; and

E. asset conversion; money received from one-time or sporadic sales of real or personal property such as crops, rugs, or jewelry is considered a resource if the property is not sold or transferred in connection with a business of selfemployment activity.

(1) Actual verified expenses associated with the purchase, sale, or production of the property are deducted from money received from the sale to arrive at the net resource value.

(2) Property converted into money is subject to the resource limitation regardless of whether it was fully or partially exempt prior to conversion.

N.M. Admin. Code § 8.206.500.12

2-1-95; 8.206.500.12 NMAC - Rn, 8 NMAC 4.CYM.512, 3-1-01, Adopted by New Mexico Register, Volume XXXV, Issue 12, June 25, 2024, eff. 7/1/2024