1031 EXCHANGE EXTENSION GRANTED!
Due to the Coronavirus Pandemic the IRS has issued guidance extending the time periods for individuals currently in an exchange. IRS Notice 2020-23 <https://www.irs.gov/pub/irs-drop/n-20-23.pdf> provides that those performing time-sensitive actions listed in Revenue Procedure 2018-58 due to be performed on or after April 1, 2020 and before July 15, 2020 is an Affected Taxpayer. Revenue Procedure 2018-58 permits the extension of IRC §1031 exchange deadlines.
It appears Exchangors whose 45-day identification period or 180-day exchange period falls between April 1, 2020 and July 15, 2020 will have until July 15 to complete these actions.
This is a great step in affording relief to those Exchangors who have been affected but at this point does not apply to any exchange deadlines prior to April 1, 2020. Equity Advantage will continue to monitor the situation and provide additional guidance and clarification as new information comes forward.
Please give us a call and we will be happy to answer any questions you may have as they relate to your situation. We can be reached at 1-800-735-1031 or 1031exchange.com.
