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.

January 2024 Disaster Relief Update

January 2024 Disaster Relief Update

01/31/2024
Throughout the month of January, the IRS has issued tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing Section 1031 exchanges for the below-referenced disaster areas....
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December 2023 Disaster Relief Updates

December 2023 Disaster Relief Update

01/05/2024
Throughout the month of December, the IRS has issued tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing Section 1031 exchanges for the below-referenced disaster areas....
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November 2023 Disaster Relief Update

11/30/2023
Throughout the month of November, the IRS has issued tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing Section 1031 exchanges for the below-referenced disaster areas....
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October 2023 Disaster Relief Update

10/30/2023
Throughout the month of October, the IRS has issued tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing Section 1031 exchanges for the below-referenced disaster areas....
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September 2023 Disaster Relief Update

09/28/2023
Throughout the month of September, the IRS has issued tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing Section 1031 exchanges for the below-referenced disaster areas....
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August 2023 Disaster Relief Update

08/31/2023
Throughout the month of August, the IRS has issued tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing Section 1031 exchanges for the below-referenced disaster areas....
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July 2023 Disaster Relief Update

07/31/2023
Throughout the month of July, the IRS has issued tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing Section 1031 exchanges for the below-referenced disaster areas....
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May 2023 Disaster Relief Update

05/31/2023
Throughout the month of May, the IRS has issued tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing Section 1031 exchanges for the below-referenced disaster areas....
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April 2023 Disaster Relief Update

04/27/2023
Throughout the month of April, the IRS has issued tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing Section 1031 exchanges for the below-referenced disaster areas....
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1031 EXCHANGE UPDATE – TAX RELIEF FOR MISSISSIPPI DUE TO SEVERE STORMS, STRAIGHT-LINE WINDS AND TORNADOES

IRS
03/28/2023
March 28, 2023 From March 24, 2023, to March 25, 2023, severe storms, straight-line winds and tornadoes severely impacted areas of Mississippi. Due to the disruption caused by the storm,...
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