1031 Exchange Extensions

Hey, folks! If you’re dealing with the aftermath of a federally declared natural disaster, here’s something important to know: you could be eligible for an extension on your 1031 Exchange deadlines. That’s right, if you’re up against the 45-day Identification or 180-day Exchange Period, you might be able to get some extra time—thanks to Revenue Procedure 2018-58.

But, a heads-up, these extensions aren’t automatic. They only apply if your property or the people involved in your deal are in the affected disaster areas. So, if you’re dealing with a natural disaster, make sure you reach out to your 1031 CORP. Exchange Officer ASAP to see if you qualify. The IRS will put out a notice listing affected areas, so keep an eye out for that.

The extension applies to reverse and delayed exchanges too, and you could get an extra 120 days or until the new deadline the IRS sets. In short, if your transaction’s been impacted—whether it’s the property, a party involved, or even paperwork lost or destroyed—make sure to get in touch to discuss your options.

And don’t forget, this also covers relief workers helping out in the affected areas.

Head on over to THIS LINK to get the full details.