{"id":27286,"date":"2019-11-15T16:36:44","date_gmt":"2019-11-15T16:36:44","guid":{"rendered":"https:\/\/www.affiliated1031.com\/disaster-relief-and-1031-exchanges\/"},"modified":"2019-11-15T16:36:44","modified_gmt":"2019-11-15T16:36:44","slug":"disaster-relief-and-1031-exchanges","status":"publish","type":"post","link":"https:\/\/www.affiliated1031.com\/es\/disaster-relief-and-1031-exchanges\/","title":{"rendered":"Disaster Relief and 1031 Exchanges"},"content":{"rendered":"<div  class=\"tatsu-h6utjz7excedaf2k tatsu-section  tatsu-bg-overlay   tatsu-clearfix\" data-title=\"\"  data-headerscheme=\"background--dark\"><div class='tatsu-section-pad clearfix' data-padding='{\"d\":\"15px 0px 15px 0px\"}' data-padding-top='15px'><div class=\"tatsu-row-wrap  tatsu-wrap tatsu-row-one-col tatsu-row-has-one-cols tatsu-medium-gutter tatsu-reg-cols  tatsu-clearfix tatsu-h6utjz7eznbdwiuz\" ><div  class=\"tatsu-row \" ><div  class=\"tatsu-column  tatsu-bg-overlay tatsu-one-col tatsu-column-image-none tatsu-column-effect-none  tatsu-h6utjz7f116hxd8z\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-module tatsu-text-block-wrap tatsu-h6utjz7f26ewilyd  \"><div class=\"tatsu-text-inner tatsu-align-center  clearfix\" ><style>.tatsu-h6utjz7f26ewilyd.tatsu-text-block-wrap .tatsu-text-inner{width: 100%;text-align: left;}<\/style>\n<p><u>FACTS: <\/u>\u00a0\u00a0The Exchanger, who lives in Idaho, has closed on its Nevada Relinquished Property ( an investment rental home valued at $350,000) on August 1, 2017.\u00a0 The Exchanger has timely identified its possible Replacement Property, before the 45<sup>th<\/sup> day for identifying has expired.\u00a0 Its 45<sup>th<\/sup> day for Identification purposes was September 15, 2017.\u00a0\u00a0 In fact, the exchanger identified its possible Replacement Property on September 5, 2017.\u00a0\u00a0 Exchanger lives in Idaho and the Relinquished Property he just sold was in Nevada.\u00a0 \u00a0The 3 properties he identified as possible Replacement Properties were in Nevada and California.\u00a0 The Qualified Intermediary, Liberty 1031, LLC is based in Miami, Florida.\u00a0 Hurricane Irma hits South Florida on September 10, 2017.\u00a0 The Exchanger would like to obtain an extension to file its Identification Statement and an extension on closing on the Replacement Property(ies) because the Qualified Intermediary got \u201chit\u201d by Hurricane Irma.\u00a0 Please remember, neither the Exchanger nor any of the possible Replacement Properties involved were in South Florida.\u00a0 Did the Exchanger qualify for an extension?\u00a0 See Below.<\/p>\n<p>\u00a0<\/p>\n<p><u>LESSONS LEARNED:<\/u>\u00a0 A taxpayer who transferred its relinquished property on or before the date of the federally declared disaster qualifies for a postponement under Rev Proc 2007-2008, Section 17 if it is an <strong>\u201caffected taxpayer\u201d.<\/strong> An <strong>\u201caffected taxpayer\u201d<\/strong> for Section 1031 purposes is one where the replacement property is located in a covered disaster area; the principal place of business of any party to the transaction (for example the settlement agent or attorney, financial institution, or Qualified Intermediary) is located in the covered disaster area; etc.\u00a0 In this particular example, a taxpayer who lives in Idaho identified possible Replacement Properties in Nevada and California. But the Qualified Intermediary\u00a0 (Liberty 1031, LLC) was based in Miami, Florida and in fact, was located in the covered disaster area.\u00a0 All of Liberty 1031, LLC\u2019s clients, qualified for an extension.\u00a0 Personally, I hated the aftermath of Hurricane Irma.\u00a0 For that matter, I hate the devastation that any hurricane brings to anyone.\u00a0 <strong>BUT, all of Liberty 1031\u2019s clients were able to benefit by receiving extensions,<\/strong> so there is some good news that can come from hurricanes or other types of qualifying disasters.<\/p>\n<\/div><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-column-overlay tatsu-animate-none\" ><\/div><\/div><style>.tatsu-row > .tatsu-h6utjz7f116hxd8z.tatsu-column{width: 100%;}.tatsu-h6utjz7f116hxd8z.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: normal;}.tatsu-h6utjz7f116hxd8z > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-h6utjz7f116hxd8z > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-h6utjz7f116hxd8z > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-h6utjz7f116hxd8z > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}<\/style><\/div><\/div><\/div><\/div><div class=\"tatsu-section-background-wrap\"><div class = \"tatsu-section-background tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-section-overlay\"><\/div><style>.tatsu-h6utjz7excedaf2k .tatsu-section-pad{padding: 15px 0px 15px 0px;}.tatsu-h6utjz7excedaf2k > .tatsu-bottom-divider{z-index: 9999;}.tatsu-h6utjz7excedaf2k > .tatsu-top-divider{z-index: 9999;}.tatsu-h6utjz7excedaf2k .tatsu-section-overlay{mix-blend-mode: normal;}<\/style><\/div>\n","protected":false},"excerpt":{"rendered":"<p>FACTS: \u00a0\u00a0The Exchanger, who lives in Idaho, has closed on its Nevada Relinquished Property ( an investment rental home valued at $350,000) on August 1, 2017<\/p>\n<div><a href=\"https:\/\/www.affiliated1031.com\/es\/disaster-relief-and-1031-exchanges\/\" class=\"exp-read-more exp-read-more-underlined\">Read More<\/a><\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[64],"tags":[],"class_list":["post-27286","post","type-post","status-publish","format-standard","hentry","category-liberty1031-exchange-case-studies-es"],"_links":{"self":[{"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/posts\/27286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/comments?post=27286"}],"version-history":[{"count":0,"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/posts\/27286\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/media?parent=27286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/categories?post=27286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/tags?post=27286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}