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No Estate Tax in 2010

The real estate law concerning inheritance of property could get more complicated if the US Senate fails to pass the estate tax bill this year. There will be no estate tax from January 1, 2010, but it will reappear in 2011 again with higher tax rates and lower exclusions.

The current law enables taxpayers to face capital gains taxes on properties they have inherited from their forefathers. The provision to take the original cost of the inherited property for the calculation of estate tax has made it a complicated process altogether. It is really not possible for someone to know how much was paid to buy a property if the original owner has died a long time ago. Presently, one-year extension is sought by the Senate to fix the problem in the law, but this is likely to result in large number of lawsuits during the period.

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