{"id":27278,"date":"2020-04-10T08:38:54","date_gmt":"2020-04-10T12:38:54","guid":{"rendered":"https:\/\/www.affiliated1031.com\/1031-exchange-timeline-extensions-issued-due-to-covid-19-disaster\/"},"modified":"2020-04-10T08:38:54","modified_gmt":"2020-04-10T12:38:54","slug":"1031-exchange-timeline-extensions-issued-due-to-covid-19-disaster","status":"publish","type":"post","link":"https:\/\/www.affiliated1031.com\/es\/1031-exchange-timeline-extensions-issued-due-to-covid-19-disaster\/","title":{"rendered":"1031 Exchange Timeline Extensions Issued Due to COVID-19 Disaster"},"content":{"rendered":"<div  class=\"tatsu-h6ut2imkll3vp8ey tatsu-section  tatsu-bg-overlay   tatsu-clearfix\" data-title=\"\"  data-headerscheme=\"background--dark\"><div class='tatsu-section-pad clearfix' data-padding='{\"d\":\"15px 0px 15px 0px\"}' data-padding-top='15px'><div class=\"tatsu-row-wrap  tatsu-wrap tatsu-row-one-col tatsu-row-has-one-cols tatsu-medium-gutter tatsu-reg-cols  tatsu-clearfix tatsu-h6ut2imkn28a6ywa\" ><div  class=\"tatsu-row \" ><div  class=\"tatsu-column  tatsu-bg-overlay tatsu-one-col tatsu-column-image-none tatsu-column-effect-none  tatsu-h6ut2imkoc6k04qn\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-module tatsu-text-block-wrap tatsu-h6ut2imkpm9ws6j7  \"><div class=\"tatsu-text-inner tatsu-align-center  clearfix\" ><style>.tatsu-h6ut2imkpm9ws6j7.tatsu-text-block-wrap .tatsu-text-inner{width: 100%;text-align: left;}<\/style>\n<p>The good news is that IRS has issued 1031 Exchange Timeline Extensions on some 1031 deadlines. But the notice (Notice 2020 &#8211; 23) was not written like the past Disaster Relief Notices, so there may be more clarification to come.<\/p>\n<p>Last week I informed you of the work done by the <a title=\"Link to Federation of Exchange Accommodators\" href=\"https:\/\/www.1031.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">Federation of Exchange Accommodators<\/a> (FEA &#8211; our trade organization for 1031 Exchanges) to form a coalition of other industries, which jointly asked for a Presidential Disaster Relief Order, for time extensions on Section 1031 exchanges. Our letter to the Treasury was delivered on March 23, 2020.<\/p>\n<p>Late yesterday (4\/9\/2020) Liberty 1031 received a confirmation that the Internal Revenue Service issued a Notice extending a number of deadlines including for 1031 Exchanges.<\/p>\n<p>So, what&nbsp;1031 Exchange timeline extensions did we receive?<strong> Any<a title=\"Link to 1031 Exchange Timelines\" href=\"https:\/\/liberty1031.com\/what-is-a-1031-exchange\/1031-exchange-timelines\/\" target=\"_blank\" rel=\"noopener noreferrer\"> 45-day or 180-day time deadline<\/a> that occurs between April 1, 2020, and July 15, 2020, is extended to July 15, 2020.<\/strong><\/p>\n<p>I will give some examples in a moment.<\/p>\n<p>The normal timeline extension we expect with disaster relief notices is 120 days. <strong>However, the interpretation of the IRS Notice given last evening is that there is no 120-day extension\u2014only extensions until July 15, 2020.<\/strong><\/p>\n<p>I sit on the Board of Directors of the FEA, and we are at the forefront of trying to get some of the dates changed and hopefully getting the 120-day extension put back in, as has been the case in the past. But as a friend of mine, after reviewing the new Notice says: \u201cThis activity is a work in progress.\u201d At least we have extensions until July 15, 2020.<\/p>\n<h3>&nbsp;As promised here are some examples:<\/h3>\n<p><strong>Example #1<\/strong>: Taxpayer&#8217;s\/Exchanger\u2019s 45th day for identification is on April 24, 2020. The Taxpayer\/Exchanger now has until July 15, 2020, to identify a replacement property. The 180th day for the last day to close for safe harbor purposes on a replacement property remains the same. In this example, that would be September 6, 2020.<\/p>\n<p><strong>Example #2:<\/strong> Taxpayer&#8217;s\/Exchanger\u2019s 180th day for closing on Replacement Property purposes is on June 25th. The Taxpayer\/Exchanger now has until July 15, 2020, to close on the Replacement Property and still qualify for a valid exchange.<\/p>\n<p>As always, I will keep you posted as we learn further clarification of Notice 2020-23 or receive additional Notices related to 1031 Exchange Timeline Extensions.<\/p>\n<p>Liberty 1031\u2019s staff are working remotely. Everyone has access to email, work phones, files, and information. Liberty 1031\u2019s business continuity plan is in place; we are 100% operational and business will continue without disruption.<\/p>\n<p>As a reminder, the headquarters office hours remain the same from 9:00 am to 5:00 pm EDT and the main telephone number is 866-903-1031 (toll-free).<\/p>\n<p>We look forward to continuing to work with you on future Section 1031 exchanges.<\/p>\n<\/div><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-column-overlay tatsu-animate-none\" ><\/div><\/div><style>.tatsu-row > .tatsu-h6ut2imkoc6k04qn.tatsu-column{width: 100%;}.tatsu-h6ut2imkoc6k04qn.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: normal;}.tatsu-h6ut2imkoc6k04qn > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-h6ut2imkoc6k04qn > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-h6ut2imkoc6k04qn > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-h6ut2imkoc6k04qn > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}<\/style><\/div><\/div><\/div><\/div><div class=\"tatsu-section-background-wrap\"><div class = \"tatsu-section-background tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-section-overlay\"><\/div><style>.tatsu-h6ut2imkll3vp8ey .tatsu-section-pad{padding: 15px 0px 15px 0px;}.tatsu-h6ut2imkll3vp8ey > .tatsu-bottom-divider{z-index: 9999;}.tatsu-h6ut2imkll3vp8ey > .tatsu-top-divider{z-index: 9999;}.tatsu-h6ut2imkll3vp8ey .tatsu-section-overlay{mix-blend-mode: normal;}<\/style><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The good news is that IRS has issued 1031 Exchange Timeline Extensions on some 1031 deadlines. But the notice (Notice 2020 &#8211; 23) was not written like the past Disaster Relief Notices, so there may be more clarification to come.<\/p>\n<div><a href=\"https:\/\/www.affiliated1031.com\/es\/1031-exchange-timeline-extensions-issued-due-to-covid-19-disaster\/\" class=\"exp-read-more exp-read-more-underlined\">Read More<\/a><\/div>\n","protected":false},"author":1,"featured_media":26991,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[57],"tags":[],"class_list":["post-27278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1031-exchange-basics-es"],"_links":{"self":[{"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/posts\/27278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/comments?post=27278"}],"version-history":[{"count":0,"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/posts\/27278\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/media\/26991"}],"wp:attachment":[{"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/media?parent=27278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/categories?post=27278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.affiliated1031.com\/es\/wp-json\/wp\/v2\/tags?post=27278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}