[WSBARP] PRESIDENTIALLY DECLARED DISASTER EXTENSIONS FOR 1031 EXCHNAGES

[Jim Doran]

Do you know what is being contemplated regarding 1031 Exchanges?

I have two clients who are disappointed in the 2018 changes to the 1031
rules that no longer allow for investment into "like kind" replacement
personal property (like an airplane or a boat) after the sale of real
property that was investment property.  Is there any talk of going back to
the good ol' days?

Jim Doran

James R. Doran
Attorney at Law
100 E. Pine Street -  Suite 205
Bellingham, WA 98225
(360)393-9506
jim at doranlegal.com
www.doranlegal.com


On Sat, Mar 28, 2020 at 1:02 PM Kary Krismer <Krismer at comcast.net> wrote:

> It sounds like Rev. Proc. 2005-27 is not self executing, but requires
> the IRS to act and specify what's delayed.
>
> "This revenue procedure does not, by itself, provide any postponements
> under section 7508A. In order for taxpayers to be entitled to a
> postponement of any act listed in this revenue procedure, the IRS
> generally will publish a Notice or issue other guidance (including an
> IRS News Release) providing relief with respect to a Presidentially
> [sic?] declared disaster, or a terroristic [sic?]or military action."
>
> There's more on 1031's specifically mentioned.  FWIW, Washington
> Realtors thinks nothing has been done yet.
>
> https://www.irs.gov/pub/irs-drop/rp-05-27.pdf
>
> Kary L. Krismer
> 206 723-2148
>
> On 3/28/2020 10:06 AM, Bryce Dille wrote:
> > Rev. Procedure 2005-27
>
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