1031 Extensions Granted! IRS releases Disaster Relief Notice 2020-23 (4/9/20)
Important information for our IPX1031 customers and 1031 community regarding 1031 fund safety and IRS deadlines during this unique moment in time. We are a phone call or email away if there is anything we can help you with or if you have any questions. And be sure to check out our COVID-19 1031 Exchange FAQs.
As so many of you are, all of us at Investment Property Exchange Services, Inc. (IPX1031) are closely monitoring the latest developments regarding COVID-19 (Coronavirus) in the United States and abroad to help ensure the health and safety of our employees, business partners, and the consumers we serve every day. We also recognize that you are relying upon our ability to continue to provide 1031 Exchange services, even during these uncertain times. Since our operations have been “paperless” for many years, our employees are able to work remotely. As a result, we do not anticipate any adverse impact to normal customer service operations or the security we provide.
(4/9/20) The IRS issued Notice 2020-23, extending a variety of deadlines, including 1031 deadlines. Although the Notice is confusing, because it is not written like the typical Disaster Relief Notices, this Notice extends any 45-day or 180-day deadline that occurs between April 1 and July 14, to July 15, 2020. Read more info here.
We are working with other real estate professionals to convince the IRS to change the start date from April 1st to January 20th so that the extensions apply to more taxpayers.
- IPX1031 Covid-19 1031 Exchange FAQs
- Real Estate Coalition Requests Clarification of Disaster Relief for 1031 Exchanges (4/20/20)
- 1031 Extensions Granted! (4/9/20)
- IPX1031/coalition of trade associations PDF letter to IRS & Treasury (3/23/20)
- Your 1031 Funds Are Safe – Important info on safety and IRS deadlines (3/18/20)
- Your 1031 Funds Are Safe PDF