After speaking to our CPA, he explained that prior to 12/31/10 there will be NO capital gains tax. However, we must pay Quarterly tax on the Income we receive during that prior qtr. So, if RV happens and we cash in prior to 9/15/2010, we much pay 38% Fed Income tax, plus 8% to NY state (where we live)...after 1/1/11 it's a whole nother story!!!! (if capital gains is reinstated)...
If it happens and we cash in 9/16-12/31/10, we have till 1/15/10 to pay the abovementioned taxes...
So....we, too, are planning 50% held aside for taxes...if it happens, say in October, we will cash in and put 1/2 in a 3 month CD, etc. and then pay the taxes on 1/15/10...