Many disaster extensions have been granted by the IRS in 2021. Accordingly, we thought it would be helpful to provide a summary of the relevant portions of Revenue Procedure 2018-58 that relate to 1031 Exchanges as well as how those provisions relate to disaster notices that are currently active. As always, exchangers should speak with their tax advisors to determine if they are eligible for an extension and if so, what their new time deadlines are.
The IRS has issued postponements of the 45-day and 180-day deadlines as follows:
- California: Lassen, Nevada, Placer, and Plumas counties. Disaster date began July 14, 2021. General postponement date is November 15, 2021.
- Tennessee: Dickson, Hickman, Houston, and Humphreys counties. Disaster date occurred on August 21, 2021. General postponement date is January 3, 2022.
- Louisiana: Anywhere in the state of Louisiana. Disaster date began August 26, 2021. General postponement date is January 3, 2022.
- Mississippi: Anywhere in the state of Mississippi. Disaster date began. General postponement date is November 1, 2021.
- New York: Bronx, Kings, Nassau, New York, Queens, Richmond, Suffolk, Sullivan and Westchester counties. Disaster date began September 1, 2021. General postponement date is January 3, 2022.
- New Jersey: Bergen, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Morris, Passaic, Somerset and Union counties. Disaster date began September 1, 2021. General postponement date is January 3, 2022.