Atlas 1031 Exchange is actively monitoring the impact of Coronavirus (COVID-19) on 1031 exchanges and seeking guidance from Congress and the IRS related to time-sensitive deadlines. On April 9th, the IRS published Notice 2020-23 which appears to extend the 45-day identification or the 180-day exchange period if they fall between April 1st and July 15th to a new deadline of July 15th.
The 1031 specific language can be found in Section III. A of the Notice as it refers to Revenue Procedure 2018-58 which includes 1031 exchange deadlines. As this Notice was just released, there are many unanswered questions that require clarification that we, as well as our colleagues in the 1031 industry, are seeking. As further clarification comes available, we will continue to provide updates.
In the interim, we encourage any existing or potential exchangors to review Notice 2020-23 with their tax advisor to determine if it will affect them.
Atlas 1031 Exchange has been accommodating tax-deferred exchanges both domestic and international for more than 17 years. We are fluent in the rules and regulations of IRC Section 1031 and able to help you navigate your exchange.
Contact us today to discuss any questions you may have. Call our office at 1-800-227-1031, email us at info@atlas1031.com, or submit your question through the online form at the top of this page
