IRS Extends 1031 Exchange Deadlines

Related Practice: Real Estate

Please contact the Real Estate Group if you need assistance with your 1031 Exchange.Please contact the Real Estate Group if you need assistance with your 1031 Exchange.st of satisfying 1031 Exchange deadlines, the recent IRS Notice 2020-23 has provided some relief. Ordinarily, the deadline to identify potential properties to complete a 1031 Exchange is 45 days from the initial property sale and the deadline to close on a replacement property is 180 days from the initial property sale. Pursuant to the Notice, if one of those deadlines falls between April 1, 2020 and July 14, 2020, then that deadline is extended until July 15, 2020. Examples are below.
 

Initial Closing	Original Deadlines	New Deadlines
January 1, 2020	Identify: February 15, 2020	Identify: February 15, 2020
	Replacement Closing: June 29, 2020	Replacement Closing: Extended to July 15, 2020
March 31, 2020	Identify: May 15, 2020	Identify: Extended to July 15, 2020
	Replacement Closing: September 27, 2020	Replacement Closing: September 27, 2020

Please contact the Real Estate Group if you need assistance with your 1031 Exchange.