10/15/2024
The IRS has issued Tax Relief Notice FL-2024-10, which permits the postponement of tax-related deadlines for taxpayers affected by Hurricane Milton.
Under this Notice, taxpayers affected by Hurricane Milton in Alachua, Baker, Bradford, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Gilchrist, Glades, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lafayette, Lake, Lee, Levy, Madison, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, and Volusia counties in Florida may be eligible for postponement of their 45-day and 180-day 1031 exchange deadlines.
Depending upon the circumstances, there are two possible postponement dates for 45-day and 180-day deadlines: (1) postponement until the “general postponement” date of May 1st, 2025; or (2) postponement by 120 days.
Option 1: General Postponement to May 1, 2025 - APPLICABLE TO “AFFECTED TAXPAYERS” ONLY
Under this option, “affected taxpayers” only (those who live in the covered disaster area or whose principal place of business is in the covered disaster area) are entitled to postpone their 45-day and 180- day deadlines to May 1, 2025. This postponement is permitted regardless of the date the Relinquished Property was transferred.
Option 2: Alternative Postponement – The later of 120 days or May 1, 2025 – APPLICABLE TO “AFFECTED TAXPAYERS” AND “OTHER TAXPAYERS”
Under this option, “affected taxpayers” and “other taxpayers who have difficulty meeting their exchange deadlines due to the disaster” (see definition under Section 17 of Rev. Proc 2018-58) are entitled to postpone their 45-day and 180-day deadlines by 120 days or until May 1, 2025 – whichever is later. However, this option is ONLY available if relinquished property was transferred on or before the disaster date of Under those circumstances, only deadlines that fall on or after the Disaster Date of October 5th are entitled to this postponement.
See Revenue Procedure 2018-58, Sections 6 and 17 and check for updates to the scope of the disaster area and the Notices:
Find disaster tax relief information and resources.