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: