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Re: Advice wanted : Selling inherited property owned with siblings

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Hi, you posted this in May so maybe you have resolved it by now. I agree with what you said about wanting a bit more due to the gains tax you have to pay, and you can justify it by telling them you do not want to sell it now. Good luck, I hope it gets resolved without causing a family feud.

SWinTX
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Advice wanted : Selling inherited property owned with siblings

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Hello everyone!   I’d love some feedback/advice on an issue that has arisen recently about the listing for sale of a property in Colorado.  My two sisters and I inherited a property from my aunt who passed in 2012.  Since that time we got the property in a condition to rent and have had a great tenant there since June 2013.   I am nearly 60 y.o. And my sisters around 70.  They are now wanting to sell and assuming I am as well...but I’m not ready.  The land is appreciating each year and is good investment for me.  I’d likely want to sell once I reach their age.  I’ve always been the little brother that “went along to get along.”  They tend to not be empathetic to others situations or viewpoints.   I thought quite a bit about this and I do not want to have a court forced sale where we all lose.  I also reside in California and my sisters in Colorado.  My tax exposure on any Capital Gains is far higher than theirs. Would it be reasonable for me to propose to my sisters that I will agree to sell on their schedule if they compensate me out of the proceeds of the sale $5,000 each to cover the additional tax burden put on me by a sale of the property far sooner than I would sell myself?   Am I being unreasonable?  I understand their life situations are different than mine with our age differences, but if I don’t stick up for what’s best for me, who will?

 

Thanks for your thoughts everyone!

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