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Your 1031 exchange resource ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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The IRS can extend certain time-sensitive tax deadlines in connection with a federally declared disaster by issuing a notice, guidance, or IRS News Release (an “IRS Notice”). These IRS Notices often extend 1031 deadlines as set forth in Revenue Procedure 2018-58 (Rev. Proc.). At the bottom of this email is a chart of recent federally declared disasters for which the IRS has provided 1031 deadline extensions. All IRS Notices can be found here: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations. The IRS periodically updates and revises the IRS Notices, which may include changes to the disaster areas and extended dates. Taxpayers should review the information directly on the IRS website for additional IRS Notices and updates and revisions. Section 6 of the Rev. Proc. allows certain taxpayers to extend 1031 deadlines to the date specified in the applicable IRS Notice (the “Notice Extended Date”). Section 17 allows certain taxpayers to extend 1031 deadlines to the longer of: the Notice Extended Date or 120 days (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 (described in the IRS Notice). 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”). Learn more about 1031 disaster extensions here: https://apiexchange.com/disaster-relief/
Taxpayers should consult their tax advisor to determine their eligibility for an extension and alert their Exchange Counselor as soon as possible of any extended 1031 deadlines. |
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State |
Disaster Date |
IRS Notice’s Extended Date |
Disaster Area |
Not. 2023-71
IR-2023-188 |
10/7/23 |
10/7/24 |
State of Israel, the West Bak or Gaza (as of October 13, 2023) |
Louisiana
LA-2023-01
|
9/20/23 |
2/15/24 |
Jefferson, Orleans, Plaquemines, and St. Bernard parishes (as of September 29, 2023) |
Maine
ME-2023-03
|
9/15/23 |
2/15/24 |
Androscoggin, Aroostook, Cumberland, Franklin, Hancock, Kennebec, Knox, Lincoln, Oxford, Penobscot, Piscataquis, Sagadahoc, Somerset, Waldo, Washington, and York counties (as of September 25, 2023) |
Massachusetts
MA-2023-04
|
9/15/23 |
2/15/24 |
Barnstable, Berkshire, Bristol, Dukes, Essex, Franklin, Hampden, Hampshire, Middlesex, Nantucket, Norfolk, Plymouth, Suffolk, and Worcester counties (as of September 25, 2023) |
Georgia
GA-2023-02
|
8/30/23 |
2/15/24 |
Appling, Atkinson, Bacon, Berrien, Brantley, Brooks, Bulloch, Burke, Camden, Candler, Charlton, Clinch, Coffee, Colquitt, Cook, Echols, Emanuel, Glynn, Jeff Davis, Jenkins, Lanier, Lowndes, Montgomery, Pierce, Screven, Tattnall, Thomas, Tift, Toombs, Treutlen, Ware, and Wayne counties (as of October 4, 2023) |
South Carolina
SC-2023-02 |
8/29/23 |
2/15/24 |
All 46 counties in South Carolina (as of October 18, 2023) |
Florida
FL-2023-06 |
8/27/23 |
2/15/24 |
Alachua, Baker, Bay, Bradford, Brevard, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Hardee, Hernando, Hillsborough, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Nassau, Orange, Osceola, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, Sumter, Suwannee, Taylor, Union, Volusia and Wakulla counties (as of August 31, 2023) |
Alaska
AK-2023-10 |
5/12/23 |
10/31/23 |
Bering Strait, Copper River, Iditarod, Kusilvak Census, Kuspuk, Lower Kuskokwim, Lower Yukon and Yukon Flats, Yukon-Koyukuk Census and Yupiit areas (as November 2, 2023) |
Hawaii
HI-2023-05 |
8/8/23 |
2/15/24 |
Maui and Hawaii counties (as of August 21, 2023) |
Illinois
IL-2023-06 |
6/29/23 |
10/31/23 |
Calhoun, Christian, Clark, Coles, Cook, Cumberland, DeWitt, Douglas, Edgar, Hancock, Logan, Macon, McDonough, Monroe, Morgan, Moultrie, Pike, Sangamon, Scott, Vermilion, Warren, and Washington counties (as of October 24, 2023) |
Mississippi
MS-2023-03 |
6/14/23 |
10/16/23 |
Adams, Amite, Attala, Claiborne, Copiah, Covington, Franklin, Greene, Holmes, Humphreys, Itawamba, Jackson, Jasper, Jefferson, Jefferson Davis, Jones, Lawrence, Leake, Madison, Neshoba, Newton, Perry, Rankin, Scott, Simpson, Smith, Warren, Wayne, and Yazoo counties and the Mississippi Choctaw Indian Reservation (as of September 22, 2023) |
Vermont
VT-2023-01 |
7/7/23 |
11/15/23 |
All of Vermont (as of July 17, 2023) |
Guam
GU-2023-01 |
5/22/23 |
10/2/23 |
Guam (as of May 24, 2023) |
Northern Mariana Islands
NMI-2023-01 |
5/22/23 |
10/2/23 |
Agrihan, Alamagan, Pagan, Rota, Saipan and Tinian islands (as of May 24, 2023) |
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*This information is provided for convenience only and is only a partial list of IRS Notices and federally declared disasters. The IRS periodically updates and revises the IRS Notices, which may include changes to the disaster areas and extended dates. Taxpayers should consult with their tax advisor and review the information directly on the IRS website for additional IRS Notices and updates and revisions. irs.gov/newsroom/tax-relief-in-disaster-situations
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