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Recent Announcements | Recent Rulings | IRS Disaster Tax Relief
Most Recent Guidance and Rulings
In recent years, there have only been a few items at the national level on Section 1031. California continues to issue rulings on exchanges involving California taxpayers.
2024 Form 8824: The IRS revised Form 8824, Like-Kind Exchanges and the instructions. The revisions add lines for allocating the replacement property tax basis among Section 1245 property, Section 1250 property and intangibles. About Form 8824, Like-Kind Exchanges | Internal Revenue Service
November 2020: Final Regulations Defining Real Property: The IRS issued final regulations defining real property for Section 1031 purposes. Final real property regulations. final real property regulations
August 2016: Bartell v. C.I.R. Tax Court Approves Non Safe Harbor Reverse Exchange. In this Tax Court decision, a 17 month reverse construction exchange using an exchange facilitator. The IRS issued a non-acquiescence to the decision in August 2017. Read full analysis
IRS Disaster Tax Relief:
Revenue Procedure 2018-58 provides a postponement of the 45-day and 180-day exchange deadlines in certain circumstances, including federally declared disasters. There are two options for postponement of an exchange deadline: (1) a deadline falling on or after the declared disaster date is postponed to the date listed in the IRS notice if the taxpayer is located in one of the designated counties or parishes (an Affected Taxpayer), regardless of where the relinquished property or replacement property is located; or (2) if the relinquished property was transferred (or a property was acquired by the EAT in a reverse exchange under Revenue Procedure 2000-37) on or before the declared disaster date, then the exchange deadlines are postponed for 120 days for an Affected Taxpayer (defined above) OR another taxpayer who has difficulty meeting the exchange deadlines under the conditions in Revenue Procedure 2018-58, Section 17 (But a deadline cannot be postponed beyond the due date, including extensions, of the tax return for the year of disposition of the relinquished property).
For the most up-to-date information on IRS granted tax relief in disaster situations, please refer to the IRS website.
