What deduction can I take for a donation of property that is worth more than I paid?

For ordinary income property like inventory, donor created artwork or donor prepared manuscripts held for one year or less, you usually deduct the current value less the amount that would be ordinary income or short-term capital gain if the property was sold. For capital gain property such as stock, bonds, jewelry, cars or furniture held more than one year, you usually deduct the current value of the property.