IRS Deadline Extension

Just received this from 1031 Exchange Advantage, Inc.

The recent wildfires in Southern California have affected many of us and we sincerely hope everything is well with you and your families.

The IRS has issued an extension notice for most counties in Southern California including, Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa Barbara and Ventura counties.

The following criteria must be met to qualify for the extension under Revenue Procedure 2007-56, Section 17:

The taxpayer is located in one of the 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.

The relinquished property was transferred (or the parked property was acquired by the Exchange Accommodation Titleholder (EAT) in a reverse exchange) on or before October 21, 2007.

If the taxpayer meets these criteria, then ANY 45 day or 180 day deadline that falls within the period on or after October 21, 2007 through January 31, 2008, is extended for an additional 120 days from such previous deadline.

Please contact your tax advisor if you have further questions.

You get another four months to complete identifying a property/properties and then completing your exchange.

I wish you... Invest Intelligently!!!