IRS Extends Deadlines for Section 1031 Like-Kind Exchanges

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In Notice 2020-23, the Internal Revenue Service provided that taxpayers shall have until July 15, 2020 to perform certain time-sensitive actions that were otherwise due to be performed on or after April 1, 2020, and before July 15, 2020.

Included in the list of time-sensitive actions is compliance with the 45-day identification period and 180-day exchange period applicable to Section 1031 like-kind exchanges.

For taxpayers that have a like-kind exchange currently in process:

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