1031 Exchange » Updates/Alerts » 45 and 180 day Extensions » 2007, September: 45 and 180 Day Extensions in Queens and Kings County, New York

2007, September: 45 and 180 Day Extensions in Queens and Kings County, New York

The IRS has issued an extension for Queens and Kings County, New York, which includes Brooklyn and Queens, for the August 8th storms. [Note that the IRS originally stated the extension only applied to Queens County, and may add additional counties later as FEMA adds counties. If you are near the affected area, you should check the disaster announcement website for updates. The FEA will not issue notices if more counties are added.]

Both of the following criteria must be met to get the extension under Revenue Procedure 2007-56, section 17:

(1) The taxpayer is located in one of these counties, regardless of where the relinquished property or replacement property is located, or the taxpayer otherwise has difficulty meeting the exchange deadlines under the conditions 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 August 8th, 2007.

IF the taxpayer meets these criteria, THEN any 45 day or 180 day deadline that falls within the period on or after August 8, 2007 through November 15, 2007, is extended for 120 days from such deadline.

Please see Revenue Procedure 2007-56, Section 17, and the notice below for further details.

http://www.irs.gov/newsroom/.



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