Coronavirus and Your 45-Day 1031 Exchange Deadline
by Brian Evans, CPA, PFS, Owner, Madrona Financial Services
Apr 07, 2020
4 minutes
As I ponder various financial and business implications from my office at home, a particular situation got my attention. I own a CPA firm on lockdown less than a mile from where the first coronavirus case in the U.S. was confirmed. As we know, deadlines for tax returns were extended by three months, but deadlines for other important financial tasks -- such as the 45-day period for real estate investors face with a 1031 Exchange -- have not. What now?
Basically, a 1031 Exchange is a way of selling one rental property and buying another, while deferring the capital gains tax on the sale. Once a property has sold, the investor is now under a 45-day deadline to identify a
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