The IRS issued extension notices for taxpayers doing a 1031 Exchange that were impacted by Hurricane Irene.  This tax relief is granted in certain states on a county-by-county basis as follows:

The IRS may add additional areas later as FEMA adds them.  Check the disaster announcement website at www.IRS.gov for updates

Connecticut
Fairfield, Hartford, Litchfield, Middlesex, New Haven, New London, Tolland and Windham

Massachusetts
Berkshire and Franklin

New Hampshire
Carroll and Grafton

New Jersey
Atlantic, Bergen, Burlington, Camden, Cape May, Cumberland, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Salem, Somerset, Sussex, Union and Warren

New York
Albany, Bronx, Clinton, Columbia, Delaware, Dutchess, Essex, Greene, Herkimer, Kings, Montgomery, Nassau, Orange, Otsego, Putnam, Queens, Rensselaer, Richmond, Rockland, Saratoga, Schenectady, Schoharie, Suffolk, Sullivan, Ulster, Warren, Washington and Westchester

North Carolina
Beaufort, Bertie, Brunswick, Camden, Carteret, Chowan, Craven, Currituck, Dare, Duplin, Edgecombe, Gates, Greene, Halifax, Hertford, Hyde, Johnston, Jones, Lenoir, Martin, Nash, New Hanover, Northampton, Onslow, Pamlico, Pasquotank, Pender, Perquimans, Pitt, Tyrrell, Vance, Warren, Washington, Wayne and Wilson

Pennsylvania
Bucks, Chester, Delaware, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Philadelphia, Sullivan and Wyoming

Puerto Rico
Arroyo, Aguas Buenas, Caguas, Canóvanas, Carolina, Cayey, Cidra, Coamo, Comerío, Fajardo, Gurabo, Humacao, Jayuya, Juncos, Las Piedras, Loíza, Luquillo, Naguabo, Naranjito, Orocovis, Patillas, Ponce, Río Grande,  San Juan, San Lorenzo, Trujillo Alto, Vega Baja, Vieques, and Villalba.

Vermont
Addison, Bennington, Caledonia, Chittenden, Franklin, Lamoille, Orleans, Orange, Rutland, Washington, Windham and Windsor

The Rules
In order to qualify for the 45-day identification period extension or the 180-day exchange period extension, the following criteria must be met:

(1) The taxpayer resides in the Covered Disaster Area, or the relinquished property or replacement property is located within the Covered Disaster area, or the taxpayer is otherwise an affected taxpayer as defined in the Notice, or the taxpayer has difficulty meeting the exchange deadlines due to reasons given or similar to examples stated in Revenue Procedure 2007-56, section 17; AND

(2) The relinquished property was transferred (or the parked property was acquired by the EAT in a reverse exchange under Revenue Procedure 2000-37) on or before the disaster date listed in the Notice; AND

(3) The deadline to be extended fell on or after the date of the presidentially declared disaster.

The Timeline
If the taxpayer meets these criteria, then the 45-day or 180-day deadline that falls on or after the disaster date is extended to 120 days from that deadline. Note the date may not be extended beyond the earlier of one year from the original deadline date or the due date (including extensions) for the tax return for the year of the disposition of the relinquished property. Typically, if an extension request was filed, the latest extension date is September 15 for calendar year filing corporations and October 15 for non-corporate taxpayers.

To determine your 45 day deadline to identify your Replacement Property(ies) and the 180 day deadline to close on your Replacement Property, click here for our Date Calculator.

Please check with your tax advisor if you are entitled to an extension and what your extended deadline dates may be.

If you have any questions or need help regarding a 1031 Exchange,
contact us at 800-970-1031.