Exchanging Thoughts

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