Normal 1031 deadlines waived in some states for August storms...

The usual 45- and 180-day deadlines have been extended due to August storms in some parts of the country. The affected states include: Wisconsin, Oklahoma, Ohio and Minnesota.

The IRS has issued an extension for the following counties:
Wisconsin: Crawford, La Crosse, Richland, Sauk and Vernon
Oklahoma: Blaine, Caddo and Kingfisher
Ohio: Allen, Crawford, Hancock, Putnam, Richland and Wyandot
Minnesota: Fillmore, Houston, Olmsted, Steele, Wabasha and Winona

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

1. 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

IF the taxpayer meets these criteria, THEN any 45 day or 180 day deadline that falls within the period of August 18 through November 15, 2007, is extended for 120 days from such deadline.

The 1031 Exchange Experts are available to answer any questions affected 1031 exchangers may have regarding this issue, nationwide, toll-free, at 866-694-0204.

--The Experts