The full fair-market value of most assets that you donate to charity can be deducted if you have owned the asset for more than a year. The deduction for assets owned one year or less is limited to your tax basis, which is generally what you paid for the property. If you give property with a total value of more than $500, you’ll need to file Form 8283 and give details about the assets, including a description of them and their individual values. If their value is more than $5,000, you generally will need to attach an appraisal, unless you give listed securities. Note that if you donate used clothing or household items such as furniture, appliances, linens, or electronics, you can’t deduct the value of the items unless they are in excellent or good condition.