• Johannes Ernharth AIFA®

IRS Declines Further COVID-19 Pandemic Extensions to §1031 Taxpayers

As we’ve previously discussed, earlier this year the IRS extended a handful of 1031 Exchange deadlines to July 15, 2020 with Notice 2020-23. This was to help the related difficulties taxpayers had been experiencing due to the pandemic.


Although the extensions clearly expired on July 15, some hoped that the IRS would grant additional extensions since COVID -19 is still creating issues with governments not permitting economic activity to resume unobstructed.


Any hope for further extension ended on August 11, when IRS conclusively published clarification that no further extension would be granted. Specifically, the IRS made clear that 120-day extensions available for typical disaster relief DO NOT APPLY to the COVID-19 disaster relief granted in Notice 2020-23. The IRS confirmed that the sole relief granted for like-kind exchanges was the stated limitation in Notice 2020-23, that only the §1031 deadline that fell between April 1, 2020 and July 14, 2020 could be extended to July 15, 2020.


In the simplest of terms, to the question “Will there be any further extensions to the prior COVID deadline extension ruling?”, the answer is a blunt “No”.


For more information, please contact our team!

BrokerCheck | Disclaimer Privacy Policy

DST1031HQ, CIS, and the furnishing representative and their associated firm do not offer legal or tax advice. Please consult the appropriate professional regarding your individual circumstances.
 

Securities offered through Concorde Investment Services, LLC (CIS), member FINRA/SIPC. DST1031HQ is independent of CIS.

© Copyright 2020 | All Rights Reserved | DST1031HQ

This site is published for residents of the United States only. Representatives may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed until appropriate registration is obtained or exemption from registration is determined. Not all services referenced on this site are available in every state through every advisor listed. For additional information please contact info@dst1031hq.com 

 

DST1031HQ is an investment platform.  DST1031HQ is not a registered broker-dealer. The furnishing representative and their firm are independent of  DST1031HQ and CIS. 

To access Concorde’s Form Customer Relationship Summary (CRS), please click here.