[WSBARP] PRESIDENTIALLY DECLARED DISASTER EXTENSIONS FOR 1031 EXCHNAGES

[Craig Gourley]

Jim. You were never allowed to exchange real property for personal property. You could exchange personal property for other personal property of the same SIC code. Airplane for a boat was not allowed but boat for boat was ok as long as the they were the same asset catagory. ( eg barge for freighter not ok). I don't see us going back to allowing personal property exchanges. The whole kerfluffle started with a NY Times article ranting about the tax break that rental car companies were getting through 1031.

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________________________________
From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> on behalf of Jim Doran <jim at doranlegal.com>
Sent: Saturday, March 28, 2020 1:30:43 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] PRESIDENTIALLY DECLARED DISASTER EXTENSIONS FOR 1031 EXCHNAGES

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<mailto:jim at doranlegal.com>
www.doranlegal.com<http://www.doranlegal.com>


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