Each listed Disaster Areas has its own Disaster Date on which tax relief, including the extension of 1031 Exchange deadlines, is keyed. The IRS’s Disaster Relief Notices, in conjunction with Revenue Procedure 2018-58, give taxpayers two options to extend their 1031 Exchange deadlines: a general relief option (for Exchanges in progress on or after the Disaster Date) and an extended relief option (for Exchanges in progress on or before the Disaster Date). Depending on when your Exchange began, you may qualify for one or both of these options.
Please consult with your tax advisor for further guidance. The Notice reference and Disaster Date for each Disaster Area follows.
Drew McCabe, President
Exchange Resource Group, LLC
Illinois: IRS Notice IL-2022-08, November 16, 2022
St. Clair county.
Disaster date began July 25, 2022. General postponement date is February 15, 2023.
Florida (Hurricane Nicole): IRS Notice FL-2022-20, December 16, 2022
Alachua, Baker, Bradford, Brevard, Broward, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Franklin, Gadsden, Gilchrist, Glades, Gulf, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Holmes, Indian River, Jackson, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Martin, Miami-Dade, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, Volusia, Wakulla, and Washington counties.
Disaster date began November 7, 2022. General postponement date is March 15, 2023.
New York (1): IRS Notice NY-2022-08, December 2, 2022
Cattaraugus, Chautauqua, Erie, Genesee, Jefferson, Lewis, Niagara, Oneida, Oswego, St. Lawrence, and Wyoming counties.
Disaster date began November 18, 2022. General postponement date is March 15, 2023.
New York (2): IRS Notice NY-2022-09, December 29, 2022
Erie and Genesee counties.
Disaster date began December 23, 2022. General postponement date is April 18, 2023.
California: IRS Notice CA-2023-01, January 11, 2023
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.
Disaster date began January 8, 2023. General postponement date is May 15, 2023. Affected Exchangers/Taxpayers are individuals who reside in a Disaster Area, and businesses whose principal place of business is located in a Disaster Area, are entitled to relief regardless of where their relinquished or replacement property is located.