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IRS Issues Extensions for 1031 Exchange Deadlines

IRS Issues Extensions for 1031 Exchange Deadlines

Taxpayers involved in a 1031 exchange finally have the answer they have been waiting for.

On April 9, 2020, the IRS Issued Notice 2020-23, an update to Notice 2020-18, “Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic.”

Taxpayers currently engaged in a 1031 exchange with a 45-Day Exchange Period or 180-Day Exchange Period deadline between April 1 and July 15, 2020, will have an automatic extension to July 15th. Unfortunately, this notice does not provide extensions for anyone whose 45-Day or 180-Day deadline was in February or March.

The Federation of Exchange Accommodators (FEA) and the National Association of Realtors (NAR) will continue working tirelessly to seek additional relief for those taxpayers not covered by these extensions.

We will keep you informed of any developments as they are released. Please contact Midland 1031 if we can help you or your clients in any way.

We are here to help. Stay Safe.