Disaster Extension Notices

Disaster Extension Notices

As a courtesy to our clients and their advisors, for reference and information purposes only, Legal 1031 is providing the following articles regarding federally declared disasters and their effect on 1031 exchange timelines. While Legal 1031 will make every effort to keep this reference page current, exchangers and their advisors should verify that any information contained herein is current, accurate, and applicable to their individual situation. Legal 1031 does not warrant or guarantee the information, content or accuracy of any articles or guidance contained herein, nor are we providing legal or tax advice and opinions. Taxpayers must review their specific situations, as well as state and federal reporting requirements with their independent tax advisor.

Links to current and past IRS Notices can be found here:  https://www.irs.gov/newsroom/tax-relief-in-disaster-situations

Eligibility for disaster extensions could vary on a case-by-case basis and the Covered Disaster Areas specified in IRS guidance are often updated over time. Exchangers and their advisors should carefully review any IRS guidance regarding disaster relief and make any determinations accordingly.  When considering the impact of these disasters, it is important to determine if you or one of your clients is an affected taxpayer or otherwise eligible for tax relief, even if located far from the disaster area. If so, you should promptly contact your § 1031 qualified intermediary.

Our website also features a 1031 exchange deadline extension calculator for those taxpayers who qualify for relief under Rev. Proc. 2018-58, Section 17.

1031 EXCHANGE UPDATE – TAX RELIEF FOR FLORIDA, NORTH CAROLINA, AND SOUTH CAROLINA DUE TO HURRICANE IAN

10/11/2022
October 5, 2022 By: James T. Walther, Esq., LL.M., General Counsel On September 29th, 2022, Hurricane Ian made landfall and severely impacted the state of Florida and subsequently, Tropical Storm...
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1031 EXCHANGE UPDATE – TAX RELIEF FOR AREAS OF MISSISSIPPI AFFECTED BY THE WATER CRISIS

09/30/2022
September 28, 2022 By: Julia Mastrotto, Esq., Counsel On August 30, 2022, areas of Mississippi were affected by a water crisis. Due to the disruption caused by the water crisis,...
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1031 EXCHANGE UPDATE – TAX RELIEF FOR PUERTO RICO DUE TO HURRICANE FIONA

09/30/2022
October 19, 2022 By: Julia Mastrotto, Esq., Counsel On September 17, 2022, Hurricane Fiona made landfall and severely impacted areas of Puerto Rico. Due to the damage, flooding, and disruption...
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1031 EXCHANGE UPDATE – TAX RELIEF FOR AREAS OF ARIZONA AFFECTED BY HEAVY STORMS

09/20/2022
September 28, 2022 By: Julia Mastrotto, Esq., Counsel On July 17 and July 18, 2022, areas of Arizona were hit with severe storms. Due to the damage, flooding, and disruption...
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TAX RELIEF FOR AREAS OF KENTUCKY AND MISSOURI AFFECTED BY HEAVY STORMS

08/24/2022
August 2, 2022 Updated August 24, 2022 By: James T. Walther, Esq., LL.M., General Counsel In late July 2022, areas of Kentucky and Missouri were hit with severe summer storms. ...
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Update on 1031 Tax Relief for Hurricane Ida NY, NJ, PA, CT, LA, and MS

01/08/2022
Updated January 2022 due to IRS revisions/extensions Hurricane Ida made landfall on August 29th, 2021, and the IRS issued tax relief to those who reside, or who have businesses located...
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1031 Exchange Update – Tax Relief for areas affected by Hurricane Ida: NY, NJ, PA, LA, and MS and Tax Relief for areas affected by the California Wildfires

09/14/2021
Updated October 26, 2021 By: James T. Walther, Esq., LL.M. General Counsel, Legal 1031 Exchange Services, LLC Hurricane Ida - Tax Relief for affected taxpayers in New York, New Jersey,...
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1031 EXCHANGE UPDATE: TAX RELIEF FOR TEXAS

02/25/2021
1031 EXCHANGE UPDATE: TAX RELIEF FOR TEXAS THE IRS ISSUES DISASTER RELIEF FOR TAXPAYERS AFFECTED BY SEVERE WINTER STORMS IN TEXAS   By: James T. Walther, Esq., LL.M., General Counsel,...
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