I received an inquiry from someone asking about extensions for storm relief the IRS has granted, as they apply to a 1031 Exchange. I haven't been able to find anything on the IRS website about that.
Does anyone here know anything?
Thanks.
Storm Extensions
Mar 11, 2023
Last reply: 3 years ago
3 Replies
I'm not a 1031 expert. However, disaster extension relief for 1031 exchanges is outlined in Rev. Proc. 2018-58 Section 17 starting on page 135.
Here's the link:
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Additionally, here is a link to a site that explains how that Revenue Procedure works:
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Here is one:
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"Stuart O. Bronstein" snipped-for-privacy@lexregia.com wrote in news:XnsAFC464D2A64Eavocatstuyahoofr@130.133.4.11:
Hi,
I live in CA. I'm entering into a 1031 exchange. My 1031 exchange facilitator informed me today that the time limit to identify properties which I'd like to purchase under a 1031 exchange has increased from 45 days from the day of closing on the property you are selling to October
16, 2023. This is because of extreme conditions in my area. The extension applies to the county in which one lives, not the county in which the property for sale is located. (My primary residence, which is the one that qualifies for the extension, is in a different county than the property that I'm selling. Luckily, both counties are included in the extension.)The requirement to close the 1031 sale is still 180 days from the close of the property that you are selling, but the extension does give you more time to identify a property that you'd like to buy within a 1031 exchange.
Call a 1031 expert to see if your area is included.
HTH.
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