To date, the IRS has issued four separate notices in 2023 extending tax deadlines that may extend 1031 deadlines pursuant to IRS Revenue Procedure 2018-58 (Rev. Proc.). All disaster extension notices can be found here (each notice contains a description of the date of the disaster, disaster area, etc.):
https://www.irs.gov/newsroom/tax-relief-in-disaster-situations
Section 6 of the Rev. Proc. now allows certain taxpayers to extend certain 1031 deadlines to October 16, 2023.
Section 17 of the Rev. Proc. now allows certain taxpayers to extend certain 1031 deadlines to October 16, 2023 or 120 days – whichever is later (however, this extension cannot go beyond one year or the due date for the taxpayer’s tax return for the year of the sale, as extended).
Taxpayers meeting the definition of “Affected Taxpayer” are eligible for both the Section 6 and Section 17 extensions, regardless of the relinquished property and/or replacement property location and must choose which extension option to proceed under. The definition of “Affected Taxpayer” includes individuals who live, and businesses whose principal place of business is located, in the covered disaster area. The Section 17 extension is also available to taxpayers who are having difficulty meeting their 1031 deadlines due to the disaster (See Rev. Proc. Section 17.02(b)(ii) for examples of such “difficulty”).
If you have informed your API Exchange Counselor that the previously extended deadline applies to your 1031 exchange, be sure to contact your tax advisor and your Exchange Counselor as soon as possible regarding this further extension.
If you think you may be eligible for an extension of your 1031 dates, please discuss with your tax advisor and alert your Exchange Counselor as soon as possible.
For a more detailed explanation of the Disaster Relief extensions, click here: apiexchange.com/disaster-relief/