2A — June 12 - 25, 2020 — M id A tlantic Real Estate Journal WE FIX: CRAWLSPACES
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M id A tlantic Real Estate Journal
M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Editor/Graphic Artist..... .................................Karen Vachon Contributing Columnists .............Scott R. Saunders, Asset Preservation, Inc. Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 32, Issue 11 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marej.com
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Scott R. Saunders
IRS notice extends 1031 Exchange deadlines
Symptoms of a Crawlspace Problem
• Rising Odors • Mold • Rotting beams
• Higher Cooling or Heating Bills • Cold Floors • Termites or Ants
I RS announces extensions for Section 1031 “like- kind exchange” deadlines (COVID-19). Notice 2020-23, released by the IRS in the af- ternoon of April 9, 2020, ampli- fies and significantly expands the relief previously provided in Notice 2020-18 and Notice 2020-20 in response to the coro- navirus (COVID-19) pandemic. You are welcome to include this article in your publication if you feel it would be of value to your readers. Many real estate investors seeking tax deferral in a 1031 exchange or contemplating a sale of an investment property in the near future and intend- ing to perform a 1031 exchange have been anxiously awaiting guidance from the IRS on the impact of the COVID-19 pan- demic on the time deadlines in an exchange. On April 9, 2020 the IRS issued Notice 2020-23. This Notice extended many deadlines for real estate inves- tors affected by the COVID-19 outbreak including Section 1031 exchange time deadlines.
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This Notice provides that any person performing a time- sensitive action listed in either § 301.7508A-1(c)(1)(iv) of the Procedure and Administrative Regulations or Revenue Pro- cedure 2018-58, 2018-50 IRB 990 (December 10, 2018), which is due to be performed on or after April 1, 2020, and before July 15, 2020 (Specified Time- Sensitive Action), is an Affected Taxpayer. This includes the 45- Day Identification and 180-Day Exchange Period deadlines in both deferred and safe-harbor reverse 1031 exchanges. Therefore, pursuant to No- tice 2020-23, if the end of an investor’s 45-day Identification Period or 180-day Exchange Pe- riod in a deferred exchange or
the parallel periods in reverse exchanges under Revenue Pro- cedure 2000-37 falls between April 1 and July 15, the appli- cable period is automatically extended to July 15, 2020, un- less the investor chooses to opt-out of the extensions. Real estate investors who choose to opt-out of these extensions should notify their qualified intermediary (QI) in writing as soon as possible. In the absence of further IRS guidance, only deadlines currently scheduled to occur between the dates of April 1 – July 15, 2020 are extended. Notice 2020-23 does not ad- dress deadlines that fall before or after this specific time period continued on page 14A
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