First American Exchange Company January 20, 2025
Buyer
The IRS has announced relief available to victims of California wildfires and straight-line winds that began on January 7, 2025. The relief includes extensions for taxpayers completing 1031 exchanges. Taxpayers involved in a 1031 exchange may qualify for relief, as described below.
Disaster Date: January 7, 2025
Extension Date: The “Extension Date” is October 15, 2025.
Covered Disaster Area: Los Angeles County in California
Affected Taxpayers: An “Affected Taxpayer” includes individuals who live, and businesses whose principal place of business is located in the Covered Disaster Area. Affected Taxpayers are entitled to relief regardless of where the relinquished property or replacement property is located.
If you believe you may be entitled to extensions under one of the above options, we strongly recommend that you speak with your tax professional for further guidance. Also, be aware that other counties may be added to the Covered Disaster Area and/or the extension date may be extended from time to time, even though the IRS does not issue a new notice, so you should check the IRS website for updates periodically.
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