Ezra Dyckman and Charles S. Nelson IRS Extends Section 1031 Deadlines Due to Hurricane Ida
In their Real Estate Financing column, Ezra Dyckman and Charles Nelson discuss the Hurricane Ida relief issued by the IRS which may provide a significant benefit to certain taxpayers in the NYC area that are engaging in Section 1031 exchanges, however they warn that the consequences of failing to meet a Section 1031 deadline are severe.
December 21, 2021 at 10:00 AM
4 minute read
Expert OpinionOn Sept. 1, 2021, the remnants of Hurricane Ida hit the northeastern United States, causing extensive flood damage in certain areas. In order to provide relief to taxpayers who may have been affected by this storm, the IRS has extended certain tax deadlines for taxpayers in affected areas, including deadlines that apply to like-kind exchanges described in Section 1031 of the Internal Revenue Code. In many cases, these extensions apply regardless of whether the taxpayer was personally impacted by Hurricane Ida.
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