fbpx

A 1031 Exchange Extension Has Finally Been Granted

IRS Extends 1031 Exchange Period

April 1st and July 15th, If you’re in a 1031 Exchange, don’t forget these dates. Recently the IRS offered property owners in the middle of their 1031 exchange some much-needed relief with the release of Notice 2020-23. Under this notice, the IRS granted automatic extensions to:

  • Anyone that sold (relinquished) property with their 45-day deadline falling between April 1st and July 15th.
  • Anyone that sold (relinquished) property with their 180-day deadline falling between April 1st and July 15th.

The new deadline for all qualifying 1031 Exchanges is now July 15th, 2020. We are watching these events unfold very closely and will continue to provide guidance for our investors as the IRS releases more information.

Examples

Scenario 1:
Taxpayer Jill sold her property on March 1st. Her 45-day identification period would have ended on April 15th, but with the release of Notice 2020-23, it is now July 15th.

Scenario 2:
Taxpayer Alex sold his property on October 4th, 2019. His 180-day deadline would have been been on April 1st, 2020 but now, it has been extended to July 15th, 2020.

These are trying times that we are living in, and now more than ever information is changing rapidly. If you have any specific questions related to real estate or how it is affected by COVID-19, feel free to reach out to us at 626.551.4326 or send us a message.

We will do our best to answer every question that comes in. We want to send our warmest regards out to everyone and we hope that you and your family remain safe during these uncertain and unprecedented times.

Share This
Facebook
LinkedIn
Email
Print
End

Reset password

Enter your email address and we will send you a link to change your password.

Get started with your account

to save your favourite homes and more

Sign up with email

Get started with your account

to save your favourite homes and more

By clicking the «SIGN UP» button you agree to the Terms of Use and Privacy Policy
Powered by Estatik
New Webinar about 1031 Exchanges

The Big Shift

Moving Trends in the Era of COVID19

Don’t have time, but want to speak with a specialist about how you could leverage a 1031 exchange? Give us a call.