The IRS has issued guidance extending the 1031 exchange deadlines for real estate owners.

IRS Notice 2020-23 provides that any 45-day or 180-day 1031 exchange deadline occurring between April 1 and July 15, is automatically extended to July 15, 2020. Revenue Procedure 2018-58 permits the extension of IRC §1031 exchange deadlines.

Exchangers whose 45-day ID period or 180-day exchange period falls between April 1 and July 15 will have until July 15, 2020 to complete these actions.

This 1031 exchange deadline affords relief to exchangers who have been impacted by COVID-19. At the present time, these IRS extensions are automatic (but not mandatory), and does not apply to any exchange deadlines prior to April 1, 2020.

Source: Equity Advantage1031exchange.com


Disclaimer: The IRS requires a neutral third party to be used for facilitating the 1031 exchange— this service is commonly known as a “facilitator” or “accommodator“. IMG has outstanding relationships with nationally recognized exchange accommodators that we can gladly refer as a resource. However, IMG does not provide accommodator services. Our specialty is sourcing replacement properties for our clients’ 1031 exchanges.

If you have questions about the IRS 1031 exchange deadline extensions, please call us at (971) 888-4010 ext. 108 or email investor.relations@imgre.com.