Accommodator Finance Company, a leading nationwide 1031 Exchange firm, reports that the IRS has issued a notice of extension for 29 Texas counties and an additional 14 Louisiana parishes in response to Hurricane Ike.
Woodland Hills, CA (PRWEB) September 21, 2008 - The IRS has been put on high alert due to the active hurricane season. Plans have been enacted to extend 1031 exchange transaction periods to counties affected by this natural disaster.
Shortly after Hurricane Ike made landfall in Texas, the IRS has extended the 45-day identification period and 180-day period to acquire a property by an additional 120 days in the affected areas. Plans are in place to expand taxation extensions when deemed appropriate.
Officials are optimistic that the extension program will encourage quick redevelopment of hurricane ravaged districts across the Gulf Coast.
Kevin Levine, Vice President of AFC, states, "The IRS is being proactive by extending the time allowance for 1031 exchanges thereby encouraging a revival in this battered housing market. Investors are looking to draw residents back as they step in to ease a housing shortage across the region."
The IRS reacted proactively after Hurricane Gustav created wide reaching damage to structures in 36 Louisiana parishes. Prior to Gustav, officials stepped in following the devastation inflicted upon coastal areas in Alabama, Mississippi, and Louisiana by hurricane Katrina.
Accommodator Finance Company (http://www.accommodator.net/) is a leading nationwide provider in Tax Deferred 1031 Exchange Services. Services include all like-kind exchanges in accordance with IRC §1031 including delayed, reverse, improvement and personal property exchanges. The company is a Qualified Intermediary and is a member of the Federation of Exchange Accommodators.
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