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Basic Rules of 1031 exchanges with a deeper dive on selected topics.

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IRS announces tax relief for victims of Hurricane Ian in Florida.​

Due to Hurricane Ian, the IRS has issued extensions of the 45-day and 180-day deadlines for the entire State of Florida.

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To learn more about Tax Relief for Florida victims, click here.

Individuals and households affected by Hurricane Ian that reside or have a business anywhere in the state of Florida qualify for tax relief. The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area.

An “Affected Taxpayer” includes individuals who live, and businesses whose principal place of business is located in, the Covered Disaster Area.  Affected Taxpayers are entitled to relief regardless of where the relinquished property or replacement property is located. Affected Taxpayers may choose either the General Postponement relief under Section 6 OR the Alternative relief under Section 17 of Rev. Proc. 2018-58. 

Option 1: (Section 6: Affected Taxpayers only.) Any 45-day deadline or 180-day deadlines (for either a forward or reverse exchange) that falls on or after the disaster date is postponed to the general postponement date. The general postponement applies regardless of the date the Relinquished Property was transferred (or the parked property acquired by the EAT) and is available to Affected Taxpayers regardless of whether their exchange began before or after the Disaster Date.

Option 2: (Section 17 Alternative: Available to Affected (“Exchangor” or “Exchanger”) Individual or entity desiring an exchange. Taxpayers and other taxpayers who have difficulty meeting the exchange deadlines because of the disaster.) Option 2 is only available if the relinquished property was transferred (or the parked property was acquired by the EAT) on or before the Disaster Date. Any 45-day or 180-day deadline that falls on or after the Disaster Date is extended to the longer of (1) 120 days from such deadline: or (2) the General postponement date.

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