Exchanging Thoughts

Extensions Provide Relief for 1031 Exchangers Affected by Sandy

Posted by Margo McDonnell on Mon, Nov 05, 2012

Our thoughts and prayers continue to go out to those affected by Hurricane Sandy. We routinely tell Exchangers there are no extensions to the 45-Day Identification and 180-Day Exchange Periods except in the event of a Presidentially declared disaster. Today we will discuss Revenue Procedure 2005-27 which provides extensions to your 45-day identification and 180-day exchange period deadlines in the unfortunate event that you are affected by a Presidentially declared disaster. Extensions are not automatic and they do not apply to state or local states of emergency or all federal disasters. IRS issues a Notice or News Release listing the affected areas. A list of affected areas can be found on Tax Relief in Disaster Situation page on the IRS website

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Topics: 1031 disaster extensions, Hurricane Sandy extensions

Extensions Provide Relief for 1031 Exchangers Affected by Disasters

Posted by Margo McDonnell on Thu, Aug 23, 2012

Today we are thankful for Revenue Procedure 2005-27, which provides extensions to your 45-day identification and 180-day exchange period deadlines in the unfortunate event that you are affected by a Presidentially declared disaster. Extensions are not automatic and they do not apply to state or local states of emergency or all federal disasters. IRS issues a Notice or News Release listing the affected areas. A list of affected areas can be found on Tax Relief in Disaster Situation page on the IRS website

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Topics: 1031 exchange extensions, 1031 disaster extensions