• Nancy Little Lewis

IRS Notice Extends 1031 Exchange Deadlines

The following information was received on April 11, 2020 via e-mail from Robert Biggs of Asset Preservation, Inc.:


On April 9, 2020 the IRS issued Notice 2020-23. This Notice extended many deadlines for taxpayers affected by the COVID-19 pandemic including Section 1031 exchange time deadlines.


This Notice provides that any person performing a time-sensitive action listed in either § 301.7508A-1(c)(1)(iv) of the Procedure and Administrative Regulations or Revenue Procedure 2018-58, 2018-50 IRB 990 (December 10, 2018), which is due to be performed on or after April 1, 2020, and before July 15, 2020 (Specified Time-Sensitive Action), is an Affected Taxpayer. This includes the 45-Day Identification and 180-Day Exchange Period deadlines in both deferred and safe-harbor reverse 1031 exchanges.


Therefore, pursuant to Notice 2020-23, if the end of a taxpayer’s 45-day Identification Period or 180-day Exchange Period in a deferred exchange or the parallel periods in reverse exchanges under Revenue Procedure 2000-37 falls between April 1 and July 15, the applicable period is automatically extended to July 15, 2020, unless a taxpayer chooses to opt-out of the extensions. API clients who choose to opt-out of these extensions, need to notify API in writing as soon as possible.


In the absence of further IRS guidance, only deadlines currently scheduled to occur between the dates of April 1 – July 15, 2020 are extended.

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