The IRS has issued additional tax relief that can extend/postpone the 45-day and 180-day deadlines applicable to ongoing 1031 exchanges, for disaster areas in California, Alabama, and Georgia. For background regarding this tax relief and additional considerations, please review the linked IRS disaster guidance and Legal 1031 articles below:
Alabama: (AL-2023-01) Disaster began on January 12, 2023. The general postponement date is now October 16, 2023. For an updated list of the affected Alabama counties, see the IRS website here. To learn more about relief under AL-2023-01, check out our article here.
Georgia: (GA-2023-01) Disaster began on January 12, 2023. The general postponement date is October 16, 2023. For an updated list of the affected Georgia counties, see the IRS website here. To learn more about relief under GA-2023-01, check out our article here.
California: (CA-2023-02) Disaster began on December 27, 2022. The general postponement date is now October 16, 2023. For an updated list of the affected California counties, see the IRS website here. To learn more about relief under CA-2023-02, check out our article here.
California: (CA-2023-01) Disaster began on January 8, 2023. The general postponement date is now October 16, 2023. For an updated list of the affected California counties, see the IRS website here. To learn more about relief under CA-2023-01, check out our article here.
If you are a current client and your tax advisor believes that you are eligible for this relief and you have decided to apply it to your exchange, please contact our office at 877.701.1031, ext. 1, to notify us and discuss.
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