COVID-19 1031 Exchange Deadline Extensions

[Kenia Crevoisier]

On April 9, the IRS issued Notice 2020-23, extending a variety of deadlines, including 1031 deadlines. Although the Notice is confusing, because it is not written like the typical Disaster Relief Notices, this Notice extends any 45-day or 180-day deadline that occurs between April 1 and July 14, to July 15, 2020.

COVID-19 Extensions

-April 9th IRS notice released

-NOT follow typical Disaster Relief 1031 Extensions: broad & confusing 

-EXTENDS: deadlines to July 15 if either identity or close on a property between April 1 and July 15

-This may not be the final draft of this notice. 

Was your 1031 exchange transaction affected by the Coronavirus?