In 2023, Taxpayer sold personal property that was held for 10 years. The property had a Fair Market Value of $20,000 when it was sold to a qualified charity for $4,000. Taxpayer's basis in the property at the time of sale was $8,000. In 2023, Taxpayer, who is 35 years old and single, had an adjusted gross income of $45,000 and no other capital gains or losses. Is the following statement true? Since the sale was made to a qualified charity, Taxpayer does not need to report this on Schedule D.