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Update about 1031 Exchange deadline extensions

Tags: 1031 exchange deadline extension
Thursday, Apr 16, 2020
by Jeff Meierhofer
I wanted to pass along some updated information about 1031 Exchange deadlines.  If you have a 1031 exchange coming due, you now have more time.  Contact me if I can help you secure a loan to finalize your transaction.

Jeff Meierhofer, Director of Finance

"On April 9, 2020, the IRS issued Notice 2020-23 providing additional relief for taxpayers Affected by the COVID-19 Pandemic.  Affected taxpayers performing Section 1031 exchanges are included in the amplified relief.  Among other subjects, this notice extends the 45-day identification period and the 180-day exchange period for taxpayer/exchangers whose deadlines were due on or after April 1, 2020. The deadlines for those exchangers to identify replacement property and/or acquire replacement property are now July 15, 2020.  It is important to note that there is no retroactive effect if the 45-day identification deadline and 180-day exchange period were before April 1, 2020." 

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