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Updated almost 5 years ago on . Most recent reply
1031 Exchange - Possible to extend?
Hi all,
Is anyone else currently in the middle of a 1031 exchange? Looking for options to extend the timeframe. We are under contract on one property that will use half the value of the 1031, and are considering our options for what to do with the other half.
I see there is something called "Revenue Procedure 2007-56" where the 45 and 180 day periods can each be extended by 120 days in the event of a natural disaster - curious if this applies to our current state of events?
Appreciate any feedback.
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#1 1031 Exchanges Contributor
- Qualified Intermediary for 1031 Exchanges
- St. Petersburg, FL
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#1 1031 Exchanges Contributor
- Qualified Intermediary for 1031 Exchanges
- St. Petersburg, FL
@Kevin Lisewski, Two things have to happen. First the President has to declare a national emergency - Check. Secondly the IRS has to change the dates to extend filings and specifically reference the Revenue Procedure. That hasn't happened yet as of this morning I don't think. If I was a betting guy I'd say it would happen. But I wouldn't bet much. Best to act as if there's no extension and treat one like Christmas.
- Dave Foster
