45 and 180 Day Extensions in Illinois Counties

By
Services for Real Estate Pros with Malbur Exchange Group & Assoc.

The IRS has issued an extension Notice for DeKalb, Grundy, Kane, Lake, LaSalle and Will counties for the August 20th storms.   [Note that the IRS 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. MEGA 1031 will not issue announcements 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 or is otherwise an affected taxpayer as defined in the Notice, regardless of where the relinquished property or replacement property is located, or 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 20th, 2007.

IF the taxpayer meets these criteria, THEN any 45 day or 180 day deadline that falls within the period on or after August 20th, 2007 through November 26, 2007, is extended for 120 days from such deadline.  It is unclear from the guidance if 180 deadlines falling after November 26, 2007 are also extended.

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

http://www.irs.gov/newsroom/article/0,,id=108362,00.html

Comments (1)

Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  We invite you back to ActiveRain in 2017. 

  We would welcome your return!

Sep 15, 2017 06:21 PM