I have an antique picture/painting i want to donate to goodwill. I have an appraisal of $350.00 for it. What should i put as the donated value?

[Carl]

The appraisal value or what you actually paid for it - whichever is "lower".

[tfortune128]

it was inherited.  

[Carl]

Then you use the appraisal value, since that's all you have and all you can prove should that need to prove ever arise.

[Opus 17]

Two points.

If you are donating it to a charity that will put it to a "related use" then you can deduct the present fair market value (appraised value).  A related use might be donating a painting to a museum or library or some other location where it will be appreciated or studied as a painting.  An unrelated use would be donating it to be sold for a fundraiser.

If you are donating it to a charity that will put it to an unrelated use, then the deduction value is the current fair market value, or the fair market value on the date the previous owner died, whichever is lower.  I assume you have no idea if the fair market value when you inherited it was higher or lower than today.  The appraised might be able to tell you how the art market has changed.  While it's not much money, the one thing to be aware of is that, if you are audited, the IRS doesn't have to give you anything you can't prove.  So it's up to you what you claim for the painting.