In response to the widespread damage caused by Hurricane Helene, the IRS has officially extended the 1031 exchange deadlines for affected taxpayers (including all taxpayers in North Carolina and South Carolina). This extension provides crucial relief for property investors facing transaction delays due to the hurricane’s aftermath.
Under the 1031 exchange rules, property owners typically have 45 days to identify a replacement property and 180 days to complete the exchange. However, the IRS has granted an automatic extension for those impacted in FEMA-designated disaster areas (including all of Alabama, Georgia, North Carolina, and South Carolina, as well as parts of Florida, Tennessee, and Virginia) extending the 45-day and 180-day deadlines until May 1, 2025. Additional relief is also available to other taxpayers who have difficulty meeting their exchange deadlines due to the disaster.
At Culp, Elliott & Carpenter, PLLC we are closely monitoring the legal and tax implications of the disaster and are here to assist clients in navigating the 1031 exchange process under these new circumstances. If you or your business are located in the Carolinas or were otherwise affected by Hurricane Helene and are concerned about meeting your 1031 exchange deadlines, we encourage you to reach out to our team for guidance.
Our attorneys are ready to provide personalized advice and ensure that your real estate transactions proceed smoothly despite the challenges posed by this disaster. We understand how critical these transactions are for property owners and investors, and we are here to offer the support you need. For more information or to schedule a consultation, please contact one of our dedicated real estate and tax specialists.
This extension offers valuable flexibility during a challenging time, and we are committed to helping our clients take full advantage of the available relief. Stay informed with CEC as we continue to provide updates on developments that affect your legal and financial interests.
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