This article is from the Beginning Fishkeeping FAQ, by Thomas Narten with numerous contributions by others.
It is safe to place items in your tank as long as they are inert,
meaning they won't release (leach) chemicals into the water. Most
plastics are inert inert, as are glass and ceramic.
Wood may leach substances into the water, changing the pH in a
possibly inappropriate manner. Driftwood often leaches tannins and
other humic acids into the water (much like peat moss), possibly
softening it and lowering its pH. The water may also obtain a
yellowish tea-colored tint. The tint is not harmful and can be removed
by filtering the water through activated charcoal.
If you use wood that you've found yourself (e.g., woods or lake), boil
it first to kill any pathogens. Boiling it (long enough) will also
make it sink.
 
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