On October 26, 2010, the Los Altos Town Crier published 2010: Not the year to die, by Artie Green. Green believes that 2010 is not a good year to die because in 2010 carryover basis rules replaced the typical step-up in basis rules that apply when someone dies:
The year 2010 is not the time to die. No, I’m not talking about you – I’m talking about your rich Uncle John. . . .
“Wow!” you might be thinking. “That sounds great! If there’s no more estate tax, that leaves more money for me to inherit from his estate, doesn’t it?”
Well, kind of. . . .
there’s a little known and much bigger problem with elimination of the estate tax in 2010 that will affect a larger proportion of taxpayers, and that’s the consequent elimination of the step-up in basis for inherited property.