IRS Tax Relief, Including for 1031 Exchanges, for Hurricane Victims

With both Florida and Georgia declared major disaster areas, residents in those states are entitled to important tax relief relative to filing deadlines for tax returns (especially those who previously sought an extension and have due dates coming up in September or October for personal and business tax returns, respectively).

But beyond general tax deadline relief, those who were in the middle of a section #1031 like-kind exchange are also getting relief. For taxpayers who entered into the exchange before September 10, 2017 and whose 45/180 day deadlines had not yet passed, those timeframes have been extended.

1031 exchangors now have until January 31, 2018 or, at the exchangor’s option, 165 days (for the 45 day window) or 300 days (for the 180 day window) from the date that the exchangor’s relinquished property was sold, whichever is later.

But (there’s always a but with the IRS, right?), in no event can the period be extended beyond the due date for the taxpayer’s 2017 return (including extensions).

Read more here.

If a 1031 exchange is in your future or you need additional assistance with one already in progress, please visit our website.