Accruit has previously provided a summary of the rules pertaining to extensions of exchange transactions due to federally declared disasters.
The IRS issued an extension on July 24, 2020 for Section 1031 filing deadlines related to real estate located within certain counties in Michigan and Utah.
In Michigan, the IRS issued extensions for Arenac, Gladwin, Iosco, Midland, and Saginaw Counties for victims of the severe storms and flooding that began on May 16, 2020.
In Utah, the IRS issued extensions for victims of the earthquake and aftershocks that began on March 18, 2020 in Davis and Salt Lake Counties.
Accruit suggests that affected taxpayers consult with their tax and legal professionals as well as confirm on IRS website for any updates.