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.