Internal Revenue Service. IRS Ministry of Finance. Abstract Business background

1031 Deadline Extension

Internal Revenue Service. IRS Ministry of Finance. Abstract Business background

 

On April 9, 2020, the IRS issued Notice 2020-23 Providing Additional Relief for Taxpayers Affected by the COVID-19 Pandemic.

 

Anyone with a 45-Day Exchange Period or 180-Day Exchange Period deadline between April 1 and July 15, 2020 will have an automatic extension to July 15th. Unfortunately, taxpayers with deadlines in February and March did not get the relief we were seeking. The Federation of Exchange Accommodators (FEA), the national 1031 trade association, will be requesting additional relief for the taxpayers that need it.

 

For those who had a 45-Day Identification Period deadline on or after April 1st, you will have an automatic extension of time to make or change an identification.

 

For those who had a 45-Day Identification Period deadline prior to April 1st, we await additional guidance from IRS. We know that many counties and/or states had stay at home orders in place prior to April 1st.