|
Your 1031 exchange resource ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
|
| |
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.): https://www.irs.gov/pub/irs-drop/rp-18-58.pdf Recently, the IRS issued Notice AR-2024-01 in connection with severe storms in portions of Arkansas that may extend your 1031 deadlines pursuant to the Rev Proc. The date of this disaster is May 24, 2024, the extended deadline date provided by the IRS is November 1, 2024, and the current disaster area is Baxter, Benton, Boone and Marion counties, Arkansas.
In addition, the IRS also recently issued Notice MA-2024-06 in connection with severe storms in portions of Massachusetts that may extend your 1031 deadlines pursuant to the Rev Proc. The date of this disaster is September 11, 2023, the extended deadline date provided by the IRS is July 31, 2024, and the current disaster area is Bristol and Worcester counties, Massachusetts.
All IRS Notices can be found here: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations. Included at the bottom of this email is a chart of recent federally declared disasters for which the IRS has provided 1031 deadline extensions. 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. 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.
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”).
Section 6 of the Rev. Proc. allows certain taxpayers to extend certain 1031 deadlines to the extended date provided in this IRS Notice. Section 17 of the Rev. Proc. allows certain taxpayers to extend certain 1031 deadlines to 120 days OR the extended date provided in this IRS Notice– 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). Learn more about 1031 disaster extensions here: https://apiexchange.com/disaster-relief/
Consult with your tax advisor to determine if an extension applies to your exchange and alert your Exchange Counselor as soon as possible!
|
|
|
| |
State |
Disaster Date |
IRS Notice’s Extended Date |
Disaster Area |
Arkansas
AR-2024-01 |
5/24/24 |
11/1/24 |
Baxter, Benton, Boone and Marion counties (as of June 6, 2024) |
West Virginia
WV-2024-03 |
4/2/24 |
11/1/24 |
Boone, Brooke, Cabell, Fayette, Hancock, Kanawha, Lincoln, Marshall, Nicholas, Ohio, Preston, Putnam, Tyler, Wayne and Wetzel counties (as of June 7, 2024) |
Kentucky
KY-2024-02 |
4/2/24 |
11/1/24 |
Boyd, Carter, Fayette, Greenup, Henry, Jefferson, Jessamine, Mason, Oldham, Union, and Whitley counties (as of June 7, 2024) |
Iowa
IA-2024-04 |
5/20/24 |
11/1/24 |
Adair, Montgomery, Polk, and Story counties (as of June 6, 2024) |
Mass.
MA-2024-06 |
9/11/23 |
7/31/24 |
Bristol and Worcester counties (as of May 31, 2024) |
Texas
TX-2024-13 |
4/26/24 |
11/1/24 |
Austin, Bell, Bosque, Brown, Caldwell, Calhoun, Clay, Coleman, Collin, Concho, Cooke, Coryell, Dallas, Denton, Eastland, Ellis, Falls, Freestone, Grimes, Guadalupe, Hamilton, Hardin, Harris, Henderson, Hockley, Houston, Jasper, Jones, Kaufman, Lamar, Lampasas, Lee, Leon, Liberty, Limestone, Madison, Mills, Montague, Montgomery, Navarro, Newton, Polk, Smith, San Jacinto, San Saba, Smith, Terrell, Trinity, Tyler, Van Zandt, Walker, Waller, and Washington counties (as of June 12, 2024) |
Iowa
IA-2024-03 |
4/26/24 |
10/15/24 |
Clarke, Harrison, Mills, Polk, Pottawattamie, Ringgold, Shelby, and Union counties (as of May 17, 2024) |
Ohio
OH-2024-01
|
3/14/24 |
9/3/24 |
Auglaize, Crawford, Darke, Delaware, Hancock, Licking, Logan, Mercer, Miami, Richland, and Union counties (as of May 17, 2024) |
Nebraska
NE-2024-02 |
4/25/24 |
9/3/24 |
Boone, Douglas, Greeley, Howard, Sherman, and Washington counties (as of May 29, 2024) |
Oklahoma
OK-2024-01 |
4/25/24 |
9/3/24 |
Carter, Coal, Cotton, Craig, Haskell, Hughes, Johnston, Kay, Lincoln, Love, McClain, Murray, Nowata, Okfuskee, Okmulgee, Osage, Ottawa, Pittsburg, Pontotoc, Pottawatomie, Seminole, Tillman, Wagoner, Washington, and Washita counties (as of June 12, 2024)
|
Maine
ME-2024-05 |
1/9/24 |
7/15/24 |
Cumberland, Hancock, Knox, Lincoln, Sagadahoc, Waldo, Washington, and York counties (as of April 4, 2024) |
Rhode Island
RI-2024-06 |
1/9/24 |
7/15/24 |
Kent, Newport, Providence and Washington counties (as of May 16, 2024) |
Rhode Island
RI-2024-05
|
12/17/23 |
7/15/24 |
Kent, Providence and Washington counties (as of April 4, 2024) |
Alaska
AK-2024-04
|
11/20/23 |
7/15/24 |
The Wrangell Cooperative Association of Alaska Tribal Nation (as of March 25, 2024) |
Washington
WA-2024-01
|
8/18/23 |
6/17/24 |
Spokane and Whitman counties, Washington (as of April 4, 2024) |
California
CA-2024-02
|
1/21/24 |
6/17/24 |
San Diego County, California (as of February 27, 2024) |
Michigan
MI-2024-01
|
8/24/23 |
6/17/24 |
Eaton, Ingham, Ionia, Kent, Livingston, Macomb, Monroe, Oakland, and Wayne counties (as of February 16, 2024) |
West Virginia
WV-2024-01
|
8/28/23 |
6/17/24 |
Boone, Calhoun, Clay, Harrison, Kanawha, and Roane counties (as of February 27, 2024) |
Maine
ME-2024-02
|
12/17/23 |
6/17/24 |
Androscoggin, Franklin, Hancock, Kennebec, Oxford, Penobscot, Piscataquis, Somerset, Waldo, and Washington counties (as of February 5, 2024) |
Rhode Island
RI-2024-01
|
9/10/23 |
6/17/24 |
Providence County (as of January 26, 2024) |
Connecticut
CT-2024-01
|
1/10/24 |
6/17/24 |
New London County, and the Tribal Nations of Mohegan and Mashantucket Pequot (as of January 22, 2024) |
Tennessee
TN-2023-06
|
12/9/23 |
6/17/24 |
Cheatham, Davidson, Dickson, Gibson, Montgomery, Robertson, Stewart and Sumner and Weakley counties (as of February 1, 2024) |
|
|
|
|
|
| |
*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
|
|
