[WSBARP] PRESIDENTIALLY DECLARED DISASTER EXTENSIONS FOR 1031 EXCHNAGES

[Jim Doran]

Yeah.  Ok.  Thanks,

Jim

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 2:55 PM Craig Gourley <craig at glgmail.com> wrote:

> 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.
>
> Sent from my Verizon, Samsung Galaxy smartphone
> Get Outlook for Android <https://aka.ms/ghei36>
>
> ------------------------------
> *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
> 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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