IRS announces further tax relief and 1031 exchange deadline extensions for those affected by California storms

California-based Peak 1031 Exchange encourages taxpayers to speak with an advisor to determine if they qualify for 1031 exchange deadline extensions.

LOS ANGELES, March 3, 2023 /PRNewswire/ — The IRS has extended the 45-day and 180-day 1031 exchange deadlines for eligible taxpayers. Those who qualify will now have an extended General Postponement date of October 16, 2023 to find a replacement property and close on their 1031 exchange transaction.

“This is an unprecedented opportunity for eligible taxpayers who are either in the middle of an exchange, or are seeking to open an exchange in the near future,” says Kevin M. Levine, Partner and Executive Vice President at Peak 1031 Exchange (peakexchange.com). “Exchangers who qualify now have more time to complete their transaction. That being said, it’s important to talk with a tax advisor, as well as a qualified intermediary like Peak 1031 Exchange, to determine the best path forward for one’s specific transaction.”

For the disaster proclamation beginning December 27, 2022, the postponement includes: Alameda, Butte, Calaveras, Colusa, Contra Costa, Fresno, Glenn, Humboldt, Los Angeles, Marin, Mendocino, Merced, Monterey, Placer, Sacramento, San Benito, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Siskiyou, Sonoma, Trinity, Tulare, Ventura, and Yolo counties.

For the disaster proclamation beginning January 8, 2023, the postponement includes Alameda, Colusa, Contra Costa, El Dorado, Fresno, Glenn, Humboldt, Kings, Lake, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Mono, Monterey, Napa, Orange, Placer, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Solano, Sonoma, Stanislaus, Sutter, Tehama, Tulare, Ventura, Yolo, and Yuba counties.

The Covered Disaster Area is the counties listed above. Affected Taxpayers include individuals who live and businesses whose principal place of business is located in the Covered Disaster Area, regardless of where the relinquished or replacement property is located. Taxpayers who do not meet the definition of Affected Taxpayers do not qualify for Section 6 General Postponement relief.

Affected Taxpayers have two options: General Postponement under Section 6 of Rev. Proc. 2018-58, which postpones any 45-day or 180-day deadline falling on or after the Disaster Date to the General Postponement date, or Section 17 Alternative, available to Affected Taxpayers and other taxpayers who have difficulty meeting the exchange deadlines.

The second option is only available if the relinquished property was transferred on or before the Disaster Date, and extends any 45-day or 180-day deadline falling on or after the Disaster Date to the longer of 120 days from such deadline or the General Postponement Date. It’s important to note, the 10/16/23 date cannot be extended beyond one year or the due date of the tax return for the year of the disposition of the relinquished property.

For more information, taxpayers may review Revenue Procedure 2018-58, Section 17, and the Notices at https://www.irs.gov/newsroom/tax-relief-in-disaster-situations.

Peak 1031 Exchange does not provide legal or tax advice. Always consult your tax or legal advisor regarding your specific transaction.

ABOUT PEAK 1031 EXCHANGE:

Peak 1031 Exchange (peakexchange.com) is a leading national provider of tax-deferred 1031 exchange services, specializing in all like-kind transactions including simultaneous, delayed, reverse, improvement, and personal Property exchanges. It is part of the Peak Companies (peakcorp.com) network of real estate companies, providing a comprehensive array of real estate services nationwide including mortgage lending, loan servicing, short sale services, foreclosure services, insurance, real estate brokerage and escrow services.

The Peak Companies / Peak 1031 Exchange
+1 (818) 616-6974
[email protected]

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SOURCE Peak 1031 Exchange

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