The process of donating property to a charity is more complicated. Generally speaking, the IRS allows you to deduct the fair market value of the property you donate. In most cases, you’ll need to get a receipt for the donation from the charitable organization. However, for certain appreciated property, the amount of your charitable deduction may be reduced. And, depending on the value of the property, certain substantiation requirements apply.
Be aware that the tax rules governing donations of property are complex. Before making any donation, you should contact your attorney or tax advisor for additional information and guidance.