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1031 EXCHANGES: HURRICANE IAN VICTIMS GRANTED TAX DEADLINE EXTENSIONS
Important Message
The IRS has issued notices regarding tax deadline extensions due to Hurricane Ian. The notices can be viewed at the following IRS website: https://www.irs.gov/newsroom/help-for-victims-of-hurricane-ian

Affected Taxpayers include all residents of the entire states of Florida, North Carolina, and South Carolina.
 
The Disaster Dates are as follows:

  • Florida is September 23, 2022
  • North Carolina is September 28, 2022
  • South Carolina is September 25, 2022

The General Postponement date for residents of all three states is February 15, 2023. Summary:

Affected Taxpayers are defined as those individuals who live and businesses whose principal place of business is located in the covered disaster area. Affected Taxpayers are entitled to relief regardless of where the relinquished property or replacement property is located. Affected Taxpayers may choose either the General Postponement relief under Section 6 or the Alternative relief under Section 17 of Rev. Proc. 2018-58, which can be accessed at page 135 here: https://www.irs.gov/pub/irs-drop/rp-18-58.pdf
 
The options under Rev. Proc. 2018-58 can be summarized as follows:
 
Option 1: (Section 6: Affected Taxpayers only.) Any 45-day deadline or 180-day deadline (for either a forward or reverse exchange) that falls on or after the disaster date is postponed to the general postponement date. The general postponement applies regardless of the date the Relinquished Property was transferred (or the parked property acquired by the EAT) and is available to Affected Taxpayers regardless of whether their exchange began before or after the Disaster Date.
 
Option 2: (Section 17 Alternative: Available to Affected Taxpayers and other taxpayers who have difficulty meeting the exchange deadlines because of the disaster.) Option 2 is only available if the relinquished property was transferred (or the parked property was acquired by the EAT) on or before the Disaster Date. Any 45-day or 180-day deadline that falls on or after the Disaster Date is extended to the longer of (1) 120 days from such deadline; or (2) the General postponement date.
 
Investors Title Exchange Company does not give tax or legal advice and cannot determine the specific deadline extension that applies for individual taxpayers. We offer this information so that taxpayers can consult with their tax advisors to determine whether any deadline extensions are available. If you have a current exchange transaction with ITEC, please notify us of any deadline extension elections by filling out the linked form (Deadline Extension Compliance Certification Form) and emailing it to exchanges@invtitle.com as soon as possible, so that the file can be updated accordingly.
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