[WSBARP] PRESIDENTIALLY DECLARED DISASTER EXTENSIONS FOR 1031 EXCHNAGES

[Bryce Dille]

I sent an email to IRS pursuant to Section 18 of Rev Proc.2005-27 requesting info as to whether deadlines have been extended because of the Presidential Declaration will keep you posted

-----Original Message-----
From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Kary Krismer
Sent: Saturday, March 28, 2020 12:59 PM
To: wsbarp at lists.wsbarppt.com
Subject: Re: [WSBARP] PRESIDENTIALLY DECLARED DISASTER EXTENSIONS FOR 1031 EXCHNAGES

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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