Blog #1031 relief


24Apr

Recap of the 2020 1st quarter Commercial Industrial Real Estate Market activity for the Los Angeles - Long Beach area in Southern California.

COVID-19 has impacted the Los Angeles/Long Beach Industrial markets on the heels of another record breaking year in 2019.  Q1 saw a slight increase in the vacancy rate, but also an increase in the average asking lease rate.  Congress passed the Payroll Protection Program (PPP) and other programs designed to provide relief and 1031 exchange buyers received extended deadlines.  CLICK HERE TO READ THE FULL REPORT

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10Apr

It appears that any affected taxpayer now has until July 15, 2020 with 1031 exchanges.

Notice 2020-23 now provides some relief to taxpayers who are currently engaged in a 1031 exchange from the 45-day Identification and 180-day exchange period deadlines.  For example:

  • If your identification period falls between 4/1/2020 and 7/15/2020 you have until 7/15/2020 to identify your prospective replacement properties
  • If your 180-day deadline falls between 4/1/2020 and 7/15/2020 you have until 7/15/2020 to complete your exchange transaction.

Click here for more information

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