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Can't Make the April 15 Filing Deadline?

If you are a taxpayer that needs extra time to file your federal tax return, you can file the Form 4868 request for an automatic extension.  This extension gives you an additional six months, until October 15, 2010, to file your tax return.

Be aware that an extension of time to file is not an extension of time to pay.  The taxpayer will still need to estimate their tax liability and pay the estimated balance due at the time of the extension request.

If you are a taxpayer performing a 1031 exchange and you can answer "yes" to the following questions, you may also need to file Form 4868:

  • Did your 1031 exchange begin in 2009?
  • Does your 180th day fall after April 15, 2010?
  • Will you need to go past April 15, 2010 to complete your 1031 Exchange?

If you answered "yes" to each of these questions, you should consult with your tax professional to determine whether or not you should file Form 4868 and that all documents are completed properly.  For more information on requesting an extension, visit the IRS Website by clicking here.

First American Exchange is a Qualified Intermediary and is precluded from giving tax or legal advice. You must consult with your tax or legal advisor about your specific circumstances. First American Exchange is a wholly owned entity of First American Title Insurance Company.