Timeline Extension for Natural Disaster in New Mexico

Timeline Extension for Natural Disaster in New Mexico:

The information below falls in line with the recent trend that the IRS has taken on granting extension for Natural Disasters.

45 and 180 Day Extensions in Two New Mexico Counties for March 23-24th Storms

On April 9, 2007, the IRS issued the announcement below for Curry and Quay counties in New Mexico. All of the following criteria must be met to get the extension:

  1. The taxpayer is located in one of these counties, regardless of where the relinquished property or replacement property is located, or the taxpayer otherwise has difficulty meeting the exchange deadlines under the conditions in Revenue Procedure 2005-27, section 17; AND
  2. The relinquished property was transferred (or the parked property was acquired by the EAT in a reverse exchange under Revenue Procedure 2000-37) on or before March 23rd-24th, 2007;
  3. The 45 and 180 day deadline falls between March 23rd - 24th and June 1, 2007.

    4. The extension is for THE LONGER OF 120 days from the last day of the 45 or 180 day deadline, or until the date specified in (3) above (and 120 days appears to be longer since the date in (3) is less than 120 days from the declared disaster).

    Please see the notice below for further details.

    http://www.irs.gov/newsroom/article/0,,id=168395,00.html

    *Information source FEA

Do you Qualify? Answer some basic questions to determine whether an exchange is right for you and your current situation.