Regarding the California wild fires, the IRS has issued a disaster relief notice relating to Orange, Solano, Butte, Lake, Mendocino, Napa, Nevada, Sonoma, and Yuba Counties in California extending deadlines as a result of the wildfires that began on October 8, 2017. The notice extends deadlines falling on or after 10/8/2017 and on or before 1/31/2018 for 120 days or until 1/31/2018 (whichever is later). To be eligible for the extension the relinquished property must have transferred before October 8, 2017.

As always, exchangers should speak with their tax advisors to determine if they are “affected taxpayers” and if so whether they are eligible for the extension.

Since this is an evolving situation, exchangers (and their advisors) should check the IRS website for updates. A link is on our website: https://www.irs.gov/uac/tax-relief-in-disaster-situations.

IRS Disaster Relief Updates

• California Disaster Relief – Wildfires
• Deadline Extension Summary
• Disaster Relief Extensions

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