1031 EXCHANGE UPDATE – TAX RELIEF FOR ILLINOIS DUE TO SEVERE STORMS AND FLOODING
January 17, 2023 Occurring between July 25 and 28, 2022, a severe storm accompanied by flooding severely impacted areas of Illinois. Due to the disruption caused by the storm, the IRS issued tax relief pursuant to IRS Notice IL-2022-08, dated November 16, 2022 (the “IRS Notice”), to those who reside or have businesses located in St. […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR CALIFORNIA DUE TO SEVERE WINTER STORMS, FLOODING AND MUDSLIDES
January 17, 2023 Beginning January 8, 2023, a severe winter storm made landfall and resulted in flooding and mudslides that severely impacted areas of California. Please note that pursuant to IRS Notice CA-2023-02, a similar storm impacted areas of California beginning December 27, 2022. To learn more about relief under CA-2023-02, check out our article […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR NEW YORK DUE TO SEVERE WINTER STORMS
January 3, 2023 On November 18, 2022, a severe winter storm made landfall and severely impacted areas of Upstate New York, subsequently, a second severe winter storm made landfall on December 23, 2022. Due to the disruption caused, the IRS issued tax relief for each storm: For the storm on November 18, 2022, tax relief […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR AFFECTED COUNTIES OF FLORIDA DUE TO HURRICANE NICOLE
December 29, 2022 On or about November 7, 2022, Hurricane Nicole made landfall and severely impacted areas of the State of Florida. On December 16, 2022, the IRS published Disaster Relief Notice FL-2022-20 (subsequently updated). This relief may still apply to the 45-day and 180-day deadlines for ongoing 1031 exchanges. Due to the disruption caused by […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR FLORIDA, NORTH CAROLINA, AND SOUTH CAROLINA DUE TO HURRICANE IAN
October 5, 2022 On September 29th, 2022, Hurricane Ian made landfall and severely impacted the state of Florida and subsequently, Tropical Storm Ian severely impacted the Carolinas. Because of the damage, flooding, and disruption caused by this historic storm, the IRS has issued tax relief to those who reside, or who have businesses located throughout […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR AREAS OF MISSISSIPPI AFFECTED BY THE WATER CRISIS
September 28, 2022 On August 30, 2022, areas of Mississippi were affected by a water crisis. Due to the disruption caused by the water crisis, the IRS issued tax relief to those who reside, or who have businesses located in specified FEMA disaster areas. Currently, the IRS has published Relief Notice MS-2022-01, dated September 2, […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR PUERTO RICO DUE TO HURRICANE FIONA
October 19, 2022 On September 17, 2022, Hurricane Fiona made landfall and severely impacted areas of Puerto Rico. Due to the damage, flooding, and disruption caused by the storm, the IRS issued tax relief to those who reside or have businesses in any of the 78 municipalities of Puerto Rico. IRS Notice PR-2022-10, dated September […]
1031 EXCHANGE UPDATE – TAX RELIEF FOR AREAS OF ARIZONA AFFECTED BY HEAVY STORMS
September 28, 2022 On July 17 and July 18, 2022, areas of Arizona were hit with severe storms. Due to the damage, flooding, and disruption caused by the storms, the IRS issued tax relief to those who reside or have businesses located in specified FEMA disaster areas. Currently, the IRS has published Relief Notice AZ-2022-08, […]
TAX RELIEF FOR AREAS OF KENTUCKY AND MISSOURI AFFECTED BY HEAVY STORMS
August 2, 2022 Updated August 24, 2022 In late July 2022, areas of Kentucky and Missouri were hit with severe summer storms. Because of the damage, flooding, and disruption caused by the storms, the IRS has issued tax relief to those who reside, or who have businesses located in specified FEMA disaster areas. Currently, the […]
Update on 1031 Tax Relief for Hurricane Ida NY, NJ, PA, CT, LA, and MS
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 in specified FEMA disaster areas. The IRS published Relief Notices for certain geographic areas of New York, New Jersey, Pennsylvania, Connecticut and for the states […]