Will we get another 1031 Exchange extension?
Earlier this year, the IRS issued guidance extending the time periods for individuals currently in a 1031 Exchange due to the Coronavirus pandemic. IRS Notice 2020-23 provides that those performing time-sensitive actions listed in Revenue Procedure 2018-58 due to be performed on or after April 1 and before July 15, 2020 is an Affected Taxpayer.
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 identify and/or purchase a replacement property for 1031 exchanges.
July 15th has now passed.
What do you all think... any chance we get another extension?