You certainly could donate it, but at best you would save 25% of the fair market value in taxes. Fair market value is what you could actually get selling it today, in used condition, on eBay or Craigslist or to a jeweler or pawn shop. You might as well sell it and get 100% of the fair market value as cash to you. Then, donate some or all of the cash to charity if that feels like the right thing to do.
