1031 Exchange Extension - IMPORTANT

By: Iowa Land Company

1031 Exchange Extension – IMPORTANT

Attention 1031 Exchange participants, an important announcement was just announced that could help you find the right investment for your situation. The typical 1031 Exchange guidelines have just been extended.   

 

“Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic”), released on April 9, 2020, provides Taxpayers who are currently engaged in a 1031 exchange some relief from the 45-Day Identification and 180-Day Exchange Period deadlines.

 

The notice provides that any person performing a time-sensitive action listed in either which is due to be performed on or after April 1, 2020, and before July 15, 2020 (Specified Time-Sensitive Action), is an affected taxpayer.

 

Section C of the Notice states that “Affected Taxpayers also have until July 15, 2020, to perform all Specified Time Sensitive Actions, that are due to be performed on or after April 1, 2020, and before July 15, 2020.”

 

This appears to provide that any affected taxpayer with a 45-Day Exchange Period or 180-Day Exchange Period deadline between April 1 and July 15, 2020 will have an automatic extension to July 15, 2020.  

 

Examples:

1) If your identification period falls between 4/1/2020 and 7/15/2020 you have until 7/15/2020 to identify prospective replacement properties.

 

2) If your 180 deadline falls between 4/1/2020 and 7/15/2020 you have until 7/15/2020 to complete your exchange transaction.

 

This is great news for anyone that falls under this timeline during these trying times. This extension could benefit buyers in a big way! Farms are available and we would love to help guide you through the 1031 Exchange process. We will continue to monitor any new guidance from the IRS and inform you via our blog of any changes that might affect your 1031 exchange. 

 

This notice is not intended to serve as legal or tax advice. Please consult with your tax or legal advisor regarding your specific circumstances. For more information, please contact an Iowa Land Company representative or your 1031 Exchange agent. We have a list of trusted 1031 agents, if you need help finding one to assist you.  

 

Contact Iowa Land Company Today At 515-962-5048

 

 

 

 

Source – First American Exchange Company

https://firstexchange.com/

 

 

 

 

Iowa Land Company is a full-service farmland auction company that services in all 99 counties of Iowa. We transact all types of land in Iowa. Want to know what your land in Iowa is worth ? Get a | Free Farmland Evaluation (Click) | from one of the trusted agents at Iowa Land Company.

 

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IOWA FARMLAND AUCTION COMPANY

Our company was built to generate Iowa land transactions combining two things, land marketing experience and farmland sales experience. Our marketing company and land salesman are focused on Iowa dirt! Iowa Land runs deep within each person that makes up our company. We have a  passion for land and that’s what we know. Each person has their strengths and we mesh those strengths together forming a land company that is powerful in both land auctions and private treaty land sales.

 

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