Ed has a collection of old clothing. He received it as a gift from his grandfather many years ago. His grandfather thought the clothing was over 200 years old and a valuable antique. On December 31, 2019, Ed donates the clothing to a qualified charity. The charity personnel search online for information on the clothing and believe it is antique with a fair market value of $2,000 and provide Ed with a receipt. Assume Eds basis is $10.00.

On June 1, 2020 the charity sent Ed a letter from a professional appraiser who determined that the clothing was a replica and only 50 years old. The true value of the clothing is $300. Ed filed his 2019 tax return on April 15, 2020. Which statement is most accurate?