Does New Mexico impose its own appraisal rules on donated personal property?
No. For personal property, New Mexico follows the federal framework: a written acknowledgment at $250, Form 8283 at $500, and a qualified appraisal with Section B above $5,000. The state's extra appraisal rules attach only to its land conservation credit, which involves real property.
Why is New Mexico's conservation credit appraisal rule notable?
Because it goes beyond federal law: appraisals supporting the land conservation incentives credit must be completed by a New Mexico General Certified Appraiser, comply with USPAP under Rule 3.13.20 NMAC, and be dated no more than 60 days before the donation. Those add-ons apply to land and interests in land, not to gifts of vehicles, art, or equipment.
What do New Mexico charities expect for tangible property gifts?
The federal package. New Mexico institutions such as New Mexico State University instruct donors that gifts of tangible personal property claimed above $5,000 need an appraisal from a qualified appraiser plus the IRS form filed with the return, mirroring IRC 170(f)(11) rather than any state-specific process.
Can New Mexico public bodies donate their own surplus property?
Only as a last resort. N.M. Stat. § 13-6-1(F) lets a governing authority donate tangible personal property to a 501(c)(3) organization only after the statute's sale procedures have failed and the property has no value. The statute sets no dollar threshold and requires no court valuation filing, leaving documentation to administrative discretion, the reverse of the tightly defined appraisal ladder private donors face.
Is an appraisal required when applying for New Mexico's conservation assessment?
Not at the application stage. State guidance allows an applicant for the land conservation incentives credit to submit the assessment application to the Energy, Minerals and Natural Resources Department before or after conveying the interest, without an appraisal in the package. The qualified appraisal by a New Mexico General Certified Appraiser enters later, when the credit itself is claimed.