Donating items and other noncash contributions to a charitable organization can net you a deduction up to the full market value of the assets, as long as they were in your possession for longer than a year prior to the donation. If you owned the asset for less than a year, then the deduction is limited to your tax basis, which in most cases is the equivalent of what you paid for the property.

Donating property that is valued at more than $500 will require you to file Form 8283 with your tax return, and include details about the donated property, such as a description of the asset and its market value. If the value is over $5,000, typically you’ll have to attach a professional appraisal of the item, unless there is a list of securities.

Donations of used clothing or household goods such as furniture, electronic, or appliances generally aren’t deductible unless the items were considered to be in excellent or good condition. Be sure to maintain receipts and records of all donations.