Just finished a property sale. I'm trying to confirm the final replacement property identification deadline because the IRS issued a Disaster Notice that may extend my 45 day deadline.
My qualified intermediary says they will not confirm the IRS notice applies or whether the 45 day date they gave me is overridden by the notice. They directed me to consult with a CPA or tax planner. After reaching out to two separate CPA's they advised me they do not answer 1031 questions and the intermediary should confirm the correct deadline date.
Can anyone confirm whether the qualified intermediary should provide the confirmation of the date pursuant to the IRS notice or provide a CPA who does phone or zoom consultations and works with 1031's/IRS Notices?
A Qualified Intermediary cannot provide tax or legal advice otherwise they may be considered an agent of the taxpayer. An agent of the taxpayer cannot act as a Qualified Intermediary and will disqualify the 1031 Exchange. We always leave those extensions and dates up to a client's CPA. It is up to the CPA to determine if the taxpayer is an "Affected Taxpayer" and if so which date/dates are being extended. I haven't had a CPA push back on this before.