EXTENSIONS ANNOUNCED FOR 1031 EXCHANGE DEADLINES

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.

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For background on the standard 45-day identification and 180-day exchange windows these extensions apply to, see how to defer a large capital gain through a 1031 exchange."