The consequence of the year with no estate tax. another gotcha!
But if this loving son thought he’d stand to cash in if his father died this year, he might be in for an unpleasant surprise. It is true that, thanks to Senate gridlock, the estate tax has been repealed for 2010. But that gift came accompanied by a lump of coal: Some heirs may find themselves owing lots more capital gains tax when they sell inherited assets.
Attention, heirs: No estate tax, but watch for capital gains kicker. – CSMonitor.com