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Urgent Update for 1031 Exchanges: COVID-19 Timeline Extensions

On Thursday, April 9, 2020 the IRS published Notice 2020-23 issuing guidance granting deadline relief for 1031 Exchanges.

While IRS Notice 2020-23 leaves some issues unclear, the following key points are clear.

Who Qualifies for 1031 Exchange Timeline Extensions?

What is the IRS Notice 2020-23 Extension?

Examples of IRS Notice 2020-23 Extensions

As always, exchangers should speak with their tax advisor to determine if they are eligible for an extension.

This remains a fluid situation and we will provide any clarification or changes issued by the IRS.

Contact us today for more information and to talk with a 1031 exchange specialist.

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