Storm Extensions

Stuart O. Bronstein

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Mar 11, 2023, 3:38:57 AM3/11/23

to

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.

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Stu
http://DownToEarthLawyer.com

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Alan

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Mar 11, 2023, 11:02:08 PM3/11/23

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On Saturday, March 11, 2023 at 12:38:57 AM UTC-8, Stuart O. Bronstein wrote:
> 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.
>
>
> --
> Stu
> http://DownToEarthLawyer.com
>
>

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:

https://www.irs.gov/pub/irs-drop/rp-18-58.pdf

Additionally, here is a link to a site that explains how that Revenue Procedure works:

https://legal1031.com/calculators/1031-exchange-disaster-extension-calculator/

Taxed and Spent

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Mar 12, 2023, 4:17:51 AM3/12/23

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On 3/11/2023 12:37 AM, Stuart O. Bronstein wrote:
> 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.
>
>

Here is one:

https://www.prnewswire.com/news-releases/irs-announces-further-tax-relief-and-1031-exchange-deadline-extensions-for-those-affected-by-california-storms-301762427.html

Boris

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Mar 24, 2023, 2:54:36 AM3/24/23

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"Stuart O. Bronstein" <spam...@lexregia.com> wrote in
news:XnsAFC464D2A64E...@130.133.4.11:

> 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.
>
>

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.