On March 9, 2020, 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.
We are working with other real estate professionals to convince the IRS to change the start date from April 1st to March 13th so that the extensions apply to more taxpayers.
Please note that this is different from the usual disaster extension that provides for an extra 120 days.
Here are two examples to illustrate the current extension.
As always, exchangers should speak with their tax advisors to determine if they are eligible for an extension.
This remains a fluid situation and we will provide any clarification or changes that the IRS issues, if any.
IRS Disaster Relief Updates
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