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As a result of the reinstatement of the federal estate tax for 2010 by the Unemployment Insurance Reauthorization and Job Creation Act of 2010 (HR 4853), passed by Congress on December 16, carryover basis won’t apply to most estates of decedents who died during 2010.
For many taxpayers, 2010 might be their last chance to pay a “bargain” 15% federal tax rate for long-term capital gains. Individuals who have appreciated assets should consider selling them this year and paying the tax for 2010.
Tags: 2010, capital, gain, planning, Tax matters