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Great News for 1031 exchanges! The IRS has issued Notice 2020-23, which extends a variety of deadlines including 1031 deadlines. Taxpayers with a 45-Day Exchange Period or 180-Day Exchange Period deadline between April 1, 2020 and July 15, 2020 will receive an automatic extension to July 15, 2020. IPX 1031 also notes the following: This is different from the usual disaster extension that provides for an extra 120 days. Here are two examples to illustrate the current extension: Example 1: Exchange began April 1, 2020. 45th day is May 16, which would be extended to July 15, 2020. Taxpayer must still close on replacement property by Sept 28, which is the 180th day; because Sept 28 is after the last day of the disaster period (July 15). Example 2: Exchange began Dec 31, 2019, 45th day is Feb 14, 2020. ID period is not extended because it is before April 1. The 180th day is June 28, which would be extended to July 15, 2020. As always, exchangers should speak with their tax advisors to determine if they are eligible for an extension. If you need assistance locating an upleg for your 1031 exchange please contact our office by replying to this email or calling (323) 639-0332.

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