Exchanging Thoughts

Federally Declared Disaster Extensions for Victims of Wildfires or Natural Disasters

Posted by Margo McDonnell, CRE, CES® on Mon, Nov 16, 2020

If you are in the unfortunate situation of being affected by the wildfires in Oregon, we send our heartfelt condolences to you. The Oregon wildfires are now a federally declared natural disaster, currently affecting those in Clackamas, Douglas, Jackson, Klamath, Lane, Lincoln, Linn and Marion counties.

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Topics: 1031 exchange extensions, 1031 disaster extensions, tax-deferred exchanges, 1031 exchanges, investment property, Federally Declared Disasters

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