1031 Exchange & OZ Timelines Extended
Good news! The US Treasury and the IRS have extended the timelines for 1031 Exchanges and Opportunity Zones! See below:
1031 Like-kind exchanges. Specifically, if an investor has taken the first step of a like-kind exchange by selling the old property, and either the 45-day or the 180-day deadline falls between April 1 and July 15, the deadline has been extended to July 15.
Opportunity Zones. Specifically, if an investor who sold a capital asset planned to roll over the gain into an Opportunity Fund and the 180-day deadline to do so falls between April 1 and July 15, 2020, he or she can make the investment as late as July 15.
We will continue to keep you posted on any additional information.