Having been through many 1031 exchanges as a broker, I was astounded to find the tax man relenting in any situation.
If you have an appreciated property that you would condsider trading up without paying capital gains taxes, please call me at 904-421-8537, or cell at 904-614-4828. Henry Rogers, agent with Coldwell Banker Commercial Benchmark.
IRS Grants 1031 Extensions
for Disaster Victims
This year our country has been stricken with a number of devastating natural disasters which have caused loss of life, property and economic damage. From the heart breaking tornadoes in Oklahoma to the record breaking floods in Illinois and Mississippi to the ravaging wildfires in California, many states and communities have been hit shockingly hard.
What does that mean for citizens in the affected areas who were participating in 1031 Exchanges at the time of the disasters? Based on the severity of a natural disaster, the IRS may extend 1031 Exchange deadline timeframes to accommodate natural disaster victims. Below are several links that give an overview of how IRS extensions generally work and recent specific notices from the IRS website:
- Disaster Relief Deadline Extensions
- Tax Relief for Victims of Severe Storms, Straight-line
Winds and Flooding in Illinois
- IRS Gives Tax Relief To Oklahoma Tornado Victims
- Tax Relief for Victims of Severe Storms, Tornadoes and
Flooding in Mississippi
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