§1031 & Corona Virus Update

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Happy Good Friday 1031 Clients and Friends! I hope this email finds you well.

Good news: the IRS has granted extensions for 1031 Investors who have like-kind exchange deadlines between April 1, 2020 and July 15, 2020. The IRS issued new guidance on April 9, 2020 that granted all taxpayers, including “trusts, estates, corporations and other non-corporate tax filers” a filing extension until July 15. Notice 2020-23: https://www.irs.gov/pub/irs-drop/n-20-23.pdf is an update to Notice 2020-18.  The new Notice 2020-23 doesn't address like-kind exchanges specifically, but tax experts agreed they are covered under the broadening of the extension. This give investors with a 45-Day identification deadline or a 180-Day Exchange Purchase deadline between April 1, 2020 and July 15, 2020 an automatic extension to July 15, 2020.

Under the new IRS guidance, the 45-day deadline and the 180-day deadline would be extended out to July 15, 2020 assuming either of those dates falls between April 1, 2020 and July 15, 2020. But if an investor now has until July 15, 2020 to identify the property, the original 180-day closing date would likely remain since it falls outside the affected date ranges. It was unclear if the IRS was considering other specific coronavirus like-kind exchange guidelines or if the new notice would be the extent of it. If there is clarification from the IRS we will provide additional information at that time.

If you have any questions, please feel free to contact us anytime. Happy Easter!!!

 

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Working Through the Crisis.

We must face a harsh fact: it’s a scary time.

We’ve recently fielded lots of calls with concerns about the economic situation caused by this worldwide pandemic. We hear them, and we feel them.

Fear is normal in times like these, and to be realistic, the unexpected is still ahead. That can be paralyzing. But we should take heart: EVERY challenge America has ever faced was unexpected, unwritten, and unique to world history. And we have overcome.

  • Our country endured a Civil War that threatened to tear the very fabric of our nation in two.
  • The Great Depression bred a great deal of economic uncertainty, but we've survived and thrived
  • We've fought two World Wars at the same time across both oceans from either side – and won.

The health and wellbeing of your future 1031 investment goals have always been the reason the 1031 Exchange Experts, LLC, started this business – and it's still true now. We are working hard to make sure we all survive this economic uncertainty. But as Americans, we should be optimistic about our future prospects while not ignoring the challenges. And while the future is uncertain, we must remember that the future has ALWAYS BEEN uncertain – in good times or in crisis. Remember the Tech Bubble of the 1990s? The economic calamity caused by 9-11? And the Real Estate Bubble of the 2000s? We adapted, survived and thrived. Americans have always been resourceful. We are ingenuitive, innovative, and will adapt to the many challenges to come. We will simply carry on as we always have: work through problems and solve them. If history is our guide, we should remember that history favors those who stick to their long-term plans and stay the course. Those who panic usually lose.

At the 1031 Exchange Experts, LLC, we've been fortunately prepared for a situation like this. Virtually all our services are electronic and remote, and the sequestering of our workforce hasn’t hampered our workflow at all.

And we are open.

Because of this fortunate planning, we are fully operational and are equipped to obey all stay-at-home directives by serving our clients via phone and email. We'll keep planning, strategizing, and keeping up with all the new developments this worldwide challenge poses. The COVID-19 situation is changing at a rapid pace, so stay in touch with us here at the Experts for the latest news in the 1031 industry, and how the IRS and Federal Government is handling these obstacles.

That said, always remember: your life, your health and your loved ones are most important. As we tackle this national challenge, be grateful for the blessings we have in our friends, family and relationships.

Much Prayers and Love,

— The Experts Team

Thursday, April 2, 2020

 

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Tuesday, March 31, 2020

1031 Exchange Experts, LLC, & COVID-19

The world is facing a unique challenge in our lifetime. We here at 1031 Exchange Experts, LLC, are regularly researching the implications of the epidemic on the 1031 industry, and are standing by to make this information available to you as it becomes available to us. Stay tuned to this page for regular updates. 

— The Experts

 

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