Inherited property and tax responsibility

[soulslayer]

What is the name of your state (only U.S. law)? VA

The land is located in NC, I live in VA.

My father died 3 years ago, and left his 1/3 ownership of a parcel of commercial real estate to me. The other 2 owners have no interest in putting the land on the market, but I would like to sell it.

They continue to send me tax bills each year, for 1/3 of the amount due. What is my responsibility for this portion of the tax bill, since my name has never been put on any paperwork for the land ownership? All I have is the will and and executrix paperwork stating that it is mine.

 

[seniorjudge]

My father died 3 years ago, and left his 1/3 ownership of a parcel of commercial real estate to me. The other 2 owners have no interest in putting the land on the market, but I would like to sell it.

How did he "leave" it to you?


They continue to send me tax bills each year, for 1/3 of the amount due. What is my responsibility for this portion of the tax bill, since my name has never been put on any paperwork for the land ownership? All I have is the will and and executrix paperwork stating that it is mine.

That's enough; you have to pay taxes on your land.

 

[soulslayer]

Then what are my options to have this land put on the market? They stall and stall and have made no motion to move it since the funeral, even though I have contacted them many times and asked that they do it.

And he left it to me via a will. Everything he had was mine. His widow was none to happy about it, but that's what he wanted.

 

[seniorjudge]

Then what are my options to have this land put on the market? They stall and stall and have made no motion to move it since the funeral, even though I have contacted them many times and asked that they do it.

And he left it to me via a will. Everything he had was mine. His widow was none to happy about it, but that's what he wanted.

Widow?

I may be wrong, but spouses cannot be disinherited in your state. You may not really own this piece of property.

In any event, you can sell it to them or file a partition suit.

A partition suit is where the court literally sells it on the courthouse steps. Anyone can buy.

It should cost $30K (if cheap) and take three years (if quick).

 

[soulslayer]

No, she doesn't own it. She owns nothing. We went through a year of court battle and a NC lawyer saw to it that she had nothing when it was done...including the bills unfortunately.

The only thing that NC law stated was that I had to either give her $10K to get out of the situation, or offer her something in return equivalent to the 10K, so I gave her the house, and house payment.

So the land is mine. I have offered to sell my portion to the other owners, but they don't have the 100K to purchase it. I don't know what to do at this point.

 

[justalayman]

can you back up a bit?

My father died 3 years ago, and left his 1/3 ownership of a parcel of commercial real estate to me.

What is my responsibility for this portion of the tax bill, since my name has never been put on any paperwork for the land ownership?

All I have is the will and and executrix paperwork stating that it is mine.

If the estate was probated, then your name had better show up on some document stating your ownership. If not, then you have a serious problem. If the estate has not been probated, then you own nothing and owe nothing. The estate still owns and owes.

If probate has been closed and you are actually a 1/3 owner of the property, you owe 1/3 of the taxes. If the partners will not sell, proceed and the judge has suggested.

Other than that, pay your taxes and ,if you desire, involve yourself with the financial situation regarding the commercial property.


actually, you may have one more alternative:

you may be entitled to sell you 1/3 interest to whomever is willing to buy it. It will depend on how title is held and any contractual agreements controlling the partnership and the property.

 

[soulslayer]

The estate was probated. I have documentation from the attorneys and the will stating that it is mine. I just have not deeded the property to myself yet, as that involves a trip to NC to complete. I am aware that I need to do that before sale of the property but have been told it is not necessary until then.

 

[seniorjudge]

I just have not deeded the property to myself yet, as that involves a trip to NC to complete.

And why is that?

 

[justalayman]

I just have not deeded the property to myself yet, as that involves a trip to NC to complete.

And why is that?

actually; HOW is that. In the probate proceedings, the property would have been deeded from the estate to you. You do not deed the property to anybody since you did not own the property.

and as to:

I have documentation from the attorneys and the will stating that it is mine

unless you have documentation from the COURT, the rest is meaningless.