I just received this information from my 1031 Exchange Accommodator, Asset Exchange Company, who shared with me that the IRS has given a valuable extension to those who are working to do a 1031 Exchange with their investment property. This extension gives people extra time to identify a replacement property and also extra time to close on a replacement property, since real estate purchases are taking longer in this market to happen.
Here’s some basic info:
- Anyone that sold relinquished property and their 45-day deadline falls between April 1st and July 15th.
- Anyone that sold relinquished property and their 180-day deadline falls between April 1st and July 15th.
What is the Extension?
- The 45-day deadline has been extended to July 15th.
- The 180-day deadline has been extended to July 15th.
- Taxpayer Bob sold his property on March 1st. His day 45 deadline of 4/15 is now extended to 7/15.
- Taxpayer Sue sold her property on October 4, 2019. Her day 180 of 4/1/2020 is now extended to 7/15/2020. She does not have an extension for her day 45.
Are you or anyone you know involved in a 1031 Exchange? Do you need to find a replacement property? Would you like an introduction to my contact at Asset Exchange Company?
If so, please reach out to me and I may be able to help. Be it a condo, house, duplex or apartment building that you are looking for, there are currently properties for sale that may meet your criteria. I’m here to help during this critical time, with safety protocols that can help you purchase or sell a property safely and successfully.
Nancy – 310-739-8272 – email@example.com