Timeline Extension For July Storms in Texas

Timeline Extension For July Storms in Texas - 45 and 180 Day Extensions for Texas Counties

The IRS has issued an extension Notice for the following Texas counties for Hurricane Dolly on July 22, 2008: Cameron, Hildalgo and Willacy. [Note that the IRS may add additional counties later as FEMA adds counties. If you are near the affected area, you should check the disaster announcement website for updates. The FEA will not issue announcements if more counties are added.]

Both of the following criteria must be met to get the extension under Revenue Procedure 2007-56, section 17:

  1. The taxpayer is located in one of these 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 under the conditions in Revenue Procedure 2007-56, section 17;

    2. AND

  2. The relinquished property was transferred (or the parked property was acquired by the EAT in a reverse exchange under Revenue Procedure 2000-37) on or before July 22, 2008.

IF the taxpayer meets these criteria, THEN any 45 day or 180 day deadline that falls within the period on or after July 22, 2008, is extended to the later of September 22, 2008, or 120 days from such deadline.

Please see Revenue Procedure 2007-56, Section 17, and the notice below for further details.

http://www.irs.gov/newsroom/article/0,,id=108362,00.html

*Information provided by the FEA.

Do you Qualify? Answer some basic questions to determine whether an exchange is right for you and your current situation.