If you are in the unfortunate situation of being affected by a federally declared natural disaster, please contact your 1031 CORP. Exchange Officer immediately. Under Revenue Procedure 2018-58, you may qualify for an extension to your 45-Day Identification and 180-Day Exchange Period deadlines. Extensions are not automatic and they do not apply to state or local states of emergency or all federally declared 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.
Extensions apply to reverse and delayed exchanges and provide the greater of either a 120 day extension or until the specific deadline date provided in the extension.
Taxpayers that may qualify for an extension are defined as follows: (a) An “affected taxpayer” as defined in IRC section 301.7508A-1(d)(1) of the Procedure and Administration Regulations; OR (b) Has difficulty meeting the 45-day identification or 180-day exchange deadlines for the following or similar reasons:
The extension also applies to relief workers affiliated with recognized charities and government agencies assisting in the affected area.
Note it is imperative that you notify your 1031 CORP. Exchange Officer if you are affected by a federally declared disaster because it is impossible for us know, especially if the disaster area is not where your exchange properties are located.
The IRS disaster help line is 1-866-562-5227.
Butts, Henry, Jasper, Meriwether, Newton, Spalding, and Troup counties.
Disaster date began January 12, 2023. General postponement date is May 15, 2023.
Autauga, Coosa, Dallas, Elmore, Greene, Hale, Sumter and Tallapoosa counties.
Disaster date began January 12, 2023. General postponement date is May 15, 2023.
Alameda, Colusa, Contra Costa, El Dorado, Fresno, Glenn, Humboldt, Kings, Lake, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Mono, Monterey, Napa, Orange, Placer, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Solano, Sonoma, Stanislaus, Sutter, Tehama, Tulare, Ventura, Yolo, and Yuba counties.
Disaster date began January 8, 2023. General postponement date is May 15, 2023.
Erie and Genesee counties.
Disaster date began December 23, 2022. General postponement date is April 18, 2023.
Cattaraugus, Chautauqua, Erie, Genesee, Jefferson, Lewis, Niagara, Oneida, Oswego, St. Lawrence, and Wyoming counties.
Disaster date began November 18, 2022. General postponement date is March 15, 2023.
Alachua, Baker, Bradford, Brevard, Broward, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Franklin, Gadsden, Gilchrist, Glades, Gulf, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Holmes, Indian River, Jackson, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Martin, Miami-Dade, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, Volusia, Wakulla, and Washington counties.
Disaster date began November 7, 2022. General postponement date is March 15, 2023.
St. Clair county.
Disaster date began July 25, 2022. General postponement date is February 15, 2023.
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