Value Bomb: 1031 Exchanges
Hi everyone! The IRS has relief coming for real estate investors who are involved in 1031 exchanges here in the near future.
If an investor has taken that first step in selling their property to replace it with a like-kind exchange, and either their 45 identification period or their 180 day closing deadline falls between April 1st and July 15th 2020, their new deadline is now being extended to the later date of July 15th.
Without this extension, missing this deadline would have huge negative tax implications for investors due to COVID-19 at no fault of their own. We’re so very pleased to see this extension rolling out out for all of our 1031 exchange clients out there!