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IRS Extends 1031 Exchange Deadlines

This appears to provide that any Affected Taxpayer with a 45-Day Exchange Period or 180-Day Exchange Period deadline between April 1 & July 15, 2020 will have an automatic extension to July 15, 2020. Notice 2020-23 (which updates Notice 2020-18, “Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic”), released on 4/9/20, provides Taxpayers who are currently engaged in a 1031 exchange, some relief from the 45-Day Identification and 180-Day Exchange Period deadlines. The notice provides that any person performing a time-sensitive action listed in either § 301.7508A-1(c)(1)(iv) – (vi) of the Procedure and Administration Regulations or Revenue Procedure 2018-58, 2018-50 IRB 990 (12/10/18), which is due to be performed on or after 4/1/20, and before 7/15/20 (Specified Time-Sensitive Action), is an Affected Taxpayer. Example: 1) If your ID period falls between 4/1/20 & 7/15/20 you have until 7/15/2020 to identify prospective replacement properties. 2) If your 180 deadline falls between 4/1/2020 & 7/15/2020 you have until 7/15/2020 to complete your exchange transaction. This notice is not intended to serve as legal or tax advice. Please consult with your tax or legal advisor regarding your specific circumstances.

Are you currently in your 45 days?

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Are you currently in your 45 days?

Let’s Talk.

Are you currently in your 45 days?

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