When donating a product, does it matter what the original cost of the product was? For example, what if a $1000 product was purchased for $50? I know it's the reasonable market value of the product now, just using that as an example.
The IRS doesn't care about purchase price of donated items, it's all about fair market value (FMV) at time of donation.
Generally, if the value is over $5,000 you'll need an appraisal, if not, you can determine FMV yourself, using the guidelines set forth in IRS Publication 561
The IRS defines Fair market value as:
Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. If you put a restriction on the use of property you donate, the FMV must reflect that restriction