A few questions about commercial property sale

[soulslayer]

What is the name of your state? NC

I live in VA, but the property is in NC.

I inherited 1/3 ownership of a commercial property a few years ago when my father died. I want to sell the property, but the other owners are holding onto it waiting for an upgrade that will allow the land to sell for a higher price.

Can I legally sell my 1/3 of the property to another buyer and then let them hold on the full sale with the remaining two owners?

If so, what amount of taxes will be levied on such a transaction?

Also, I'm married. Can I complete this sale myself, or does my husband have to sign off on the sale as well, since it was left to me via an inheritance?

 

[FlyingRon]

You can sell the third interest if anybody would buy it. The market for such isn't very big. Your best deal would be to sell your share to the other owners if they would buy it. You could also file a lawsuit for partition, but that will take time (and money for a lawyer).

No matter how you sell, you are subject to capital gains on the difference in the sale price and your basis. If this was inherited (i.e., it passed to you on the death of the owner), then the basis is "stepped" up to the value of the property on the date of your father's death. I suspect with today's real estate market, there's probably little appreciation between then and now. The feds will tax at the long term rate of 15% and North Carolina will hit you at 8.25%.

Your husband will not need to be involved if his name isn't on the deed. You'd have had to specifically do that since you received the inheritance. By default, inherited property is not a marital asset here.

 

[soulslayer]

I haven't changed the deed to my name, it's still in my fathers name, but I have the executrix paperwork and the will that states I'm the heir. Will this cause a problem? If so, how do I go about changing the name on the deed?

 

[FlyingRon]

The executor needs to have it done pursuant to probate or whatever legal procedure exists in your state. You don't own the property until this happens. You can market the property, but you won't be able to legally close it until it is conveyed (deeded) to you .