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Updated about 7 years ago on . Most recent reply

Account Closed
  • Park Rapids, MN
0
Votes |
4
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1031 extension due to hurricane

Account Closed
  • Park Rapids, MN
Posted

For my 1031 exchange, I am purchasing a new construction rental in Florida and it will not be completed by my original deadline. I have been told I should qualify for a hurricane extension. I live in Minnesota and my accountant has not had any experience with this. How or where do I go to file for that extension? I declared this property by the deadline and have transferred money down (thru a 1031 intermediary). So now I hope I can still get it to work for the 1031. Thank you for any info!

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John Woodrich
  • Flipper/Rehabber
  • Minneapolis, MN
1,389
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John Woodrich
  • Flipper/Rehabber
  • Minneapolis, MN
Replied

So you identified your property during the 45 day window and you aren't going to be able to complete the transaction before the 6 month expiration?

There is no such thing as a hurricane extension.  There are times when they will increase the period from 180 days to say 300 days however I haven't followed the hurricanes as it hasn't affected any of my clients. 

Have who ever told you about a "hurricane extension" get you more information and you should talk to your intermediary as well.  Jeff Peterson mentioned above is good but you are already paying someone else to be your intermediary.  

  • John Woodrich
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