Bell Nunnally Partner Jean Pierre Boyea is quoted in the Dallas Business Journal article “IRS grants deadline relief to some 1031 exchange buyers, but not all.” The piece explores early April relief provided by the IRS to 1031 exchange buyers and Opportunity Zone investors.
The article notes:
For investors selling a property through a 1031 exchange, and either the 45-day or the 180-day deadline falls between April 1 and July 14, that deadline has now been extended until July 15. If an investor sells their original property on April 1, they will still need to close on a replacement property by Sept. 28, 180 days later. The extension is also similar for Opportunity Funds looking to invest in Opportunity Zones. If an investor's 180-day deadline falls between April 1 and July 14, they can now make that investment as late as July 15.
The extensions are due, in part, to the challenge many 1031 exchange buyers faced in moving transactions forward in light of the COVID-19 pandemic.
Boyea commented on the atmosphere before the extension was granted, “You could say it’s the one bright spot that’s keeping real estate transactions moving forward right now, because those folks are on the clock.”
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