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New Mexico Form Instructions 8283: What You Should Know
FAQs — New Mexico PBS Vehicle Donation Procedures If your vehicle sells for more than 5,000, you can continue to use this vehicle to make the same type of donation or to donate it away. We would encourage you to keep the vehicle and utilize it as a donor-recipient vehicle. For our customers, the vehicle will continue to be used to receive funds on behalf of the public education program. FAQs Regarding Section B — Section B of Form 8283 New Mexico PBS does not receive a written acknowledgment for donations to noncash vehicles. Donations made into vehicles that did not have to be acknowledged before being donated are not eligible for the tax deduction because they did not generate an itemized deduction through section 121 on the return. Once any acknowledgment has been entered and the amount has been used for the tax deduction, then the acknowledgment is considered for tax purposes. What should I do if my vehicle sells for more than 5,000? New Mexico PBS provides tax deductions for gifts of eligible vehicles. How much in taxes will I have to pay? The total amount of property tax you'll pay if the vehicle goes to a charity through Section B of this form is 250.
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