More good news (tax-wise) for hurricane-affected taxpayers

Hurricanes continue to plague Florida and the eastern United States, and our hearts go out to those of you who have been affected by them.

One small bit of good news is that the IRS continues to recognize the effects of the hurricanes upon the affected areas, and has offered taxpayers more relief from deadlines as a result. Due to the widespread nature of the storms, tax relief now applies to taxpayers in parts of Florida, Alabama, Louisiana, Mississippi, Georgia, North Carolina, Pennsylvania, Virginia, and West Virginia.

In the 1031 exchange context, this relief includes an extension of time to complete identification of replacement property (which normally must be completed 45 days after the closing of the sale of relinquished property) and to complete (close) the purchase of replacement property (which normally must be completed 180 days from the relinquished property sale closing).

	I appreciate the up-to-date information in Tee-Shots, especially the news about tax relief for property owners and 1031 Exchangers due to the all hurricanes we've had in Florida recently. Ron M. Smiley, Realtor Priscilla Murphy Realty Sanibel Island, Florida

We again note that the exact details of the relief offered from the IRS are unclear. Generally, this relief applies if your principal residence is located in a Presidentially Declared Disaster Area, but the IRS also has the power to include other persons affected by the disaster within the relief offered. If you have specific questions about how the relief provisions work, or about eligibility for the relief, The Experts are available to help answer any questions we can. We also strongly recommend that any affected taxpayer consult with a legal or tax advisor prior to making any decisions affecting tax payment (including the effect of the relief on specific 1031 exchanges).

--The Experts

Future IRS Disaster Relief. The IRS has announced that relief will be forthcoming for several other affected disaster areas, but has yet to issue specific relief provisions. Included on the list of areas to be granted relief are:
	Hurricane Jeanne -- 19 counties in Florida.
	Hurricane Ivan and its remnants -- Georgia (17 counties), North Carolina (16), Pennsylvania (46) and West Virginia (16).
	Ohio -- 15 counties hit by storms and flooding, beginning Aug. 27.
	Pennsylvania -- 3 counties hit by Tropical Depression Frances on Sept. 8 and 9.

For further information, please visit the IRS website at www.irs.gov. Click here for a specific list of links to all IRS hurricane relief provisions issued to date. You may also call the IRS toll-free line for general tax questions at 1-800-829-1040.

TEE-Shots are Tips from the Exchange Experts that are designed to make you think about, and ask questions about, the 1031 exchange process.