Due to COVID-19, certain deadlines have been extended for Section 1031 exchanges and Opportunity Zone Funds.
SECTION 1031 EXCHANGES
IRS Notice 2020-23 (the Notice) has extended two deadlines for Section 1031 exchanges. These deadlines are for the 45-day identification period in which the taxpayer must identify the replacement property and the 180-day exchange period in which the taxpayer must acquire the replacement property (or sell its relinquished property in the case of a reverse like-kind exchange).
If the deadline for either of these periods would ordinarily end after March 31, 2020, the deadline may be extended until July 15, 2020. This relief is automatic; a taxpayer does not need to file any special form to receive this extension.