1031 Exchange Extensions

1031 Exchange Extensions – The IRS issued Notice 2020-23, extending a variety of deadlines, including Section 1031 deadlines.  This Notice would extend any 45-day or 180-day deadline that occurs between April 1 and July 15, to July 15, 2020.  

The Notice does not explicitly reference Section 17 of Rev Proc 2018-58.  Without the specific reference to Section 17, current prevailing thought is that the 120-day extension does not apply. Thus, a taxpayer with a 45th day falling on May 16, would receive an extension of the identification deadline to July 15.  But that same taxpayer would not receive an extension to the 180-day deadline because it falls after July 15.

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1031 Exchange Extensions


About the Author

Gravitar for Glen

Glen Boehm is co-founder of the Keller Williams Boerne office and The Boehm Team. He lives in Boerne Texas and specialized in Texas Hill Country Ranches for Sale and Texas Hill Country Commercial Real Estate. As a Boerne Realtor, he invested in the Boerne Texas community by giving back to the community every chance he gets.