{"id":1004457070,"date":"2020-06-17T09:36:27","date_gmt":"2020-06-17T17:36:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004457070"},"modified":"2020-06-17T11:43:55","modified_gmt":"2020-06-17T19:43:55","slug":"why-times-a-wastin-for-1031-exchange-buyers","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/why-times-a-wastin-for-1031-exchange-buyers\/","title":{"rendered":"Why Time\u2019s A-Wastin\u2019 for 1031 Exchange Buyers"},"content":{"rendered":"<div id=\"attachment_1004389358\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004389358\" data-attachment-id=\"1004389358\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/avison-young-acquires-net-lease-specialist-calkain-cos\/jon-hipp\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/Jon-Hipp-e1623855485608.jpg\" data-orig-size=\"400,310\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;John Robinson Photography&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Jon-Hipp\" data-image-description=\"&lt;p&gt;Jonathan Hipp of Avison Young&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Jonathan Hipp&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/Jon-Hipp-e1623855485608.jpg?w=400\" class=\"size-medium wp-image-1004389358\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/Jon-Hipp.jpg\" alt=\"\" width=\"300\" height=\"233\"><p id=\"caption-attachment-1004389358\" class=\"wp-caption-text\">Jonathan Hipp<\/p><\/div>\n<p>Yes, the past few months have been a time of great distraction for all of us as we questioned what our companies\u2014and what the greater economy\u2014would do in the face of the COVID-19 crisis.&nbsp;<\/p>\n<p>But business, much like life itself, goes on, and, for 1031 exchange buyers, that means hitting some definitive deadlines.&nbsp;<\/p>\n<p>The good news here is that the deadline for identifying exchange properties has been delayed\u2014much like tax-preparation season, travel and getting haircuts\u2014in the face of the pandemic. That move was made by the U.S. Department of the Treasury and the Internal Revenue Service, specifically to provide additional relief during this virus-imposed economic upheaval.&nbsp;<\/p>\n<p>But for those investors who have been sitting on the sidelines, it is time to move. Under the new ruling, the deadline for identification of exchange properties is now midnight on July 15. Let\u2019s put it into stricter financial terms, as provided by wealth management consultant Plante Moran:<\/p>\n<p>\u201c<a href=\"https:\/\/www.plantemoran.com\/explore-our-thinking\/insight\/2020\/04\/section-1031-exchange-deadlines-delayed-due-to-covid19-outbreak\" target=\"_blank\" rel=\"nofollow noopener\">IRS Notice 2020-23<\/a>, released on April 9, 2020, provides for extensions to both the 45-day identification period and the 180-day replacement period if either period is set to end between April 1 and July 15, 2020. If either period deadline falls between April 1 and July 14, the new deadline is now July 15, 2020. This applies to both forward exchanges and safe-harbor reverse exchanges under Revenue Procedure 2000-37.\u201d<\/p>\n<p>Got it? So clearly, the time to act is now. Much like the above-mentioned tax preparation (and haircut appointments), there\u2019s going to be a frenzy of investors playing catch-up.&nbsp;<\/p>\n<p>There\u2019s one more word of advice, again from Plante Moran: \u201cIt\u2019s worth noting that in situations where the 45-day extension period is set to end between April 1 and July 15, but the 180-day replacement period falls beyond July 15, only the 45-day identification period is extended. The replacement period would still end 180 days after the transfer of the relinquished property under Notice 2020-23.\u201d<\/p>\n<p>Don\u2019t lose out on the opportunities afforded to you by the IRS and Treasury. As the nation, indeed the world, slowly begins to normalize, we are all getting back to work. Now is the time to strike to take advantage of the benefits of 1031 like-kind exchanges.&nbsp;<\/p>\n<p><em>Jonathan Hipp is the principal &amp; head of the U.S. Net Lease Group at <a href=\"https:\/\/www.avisonyoung.com\/\" target=\"_blank\" rel=\"sponsored noopener\">Avison Young<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Avison Young&#8217;s Jonathan Hipp on why now is the time to strike, as a critical July 15 deadline nears.<\/p>\n","protected":false},"author":1126,"featured_media":1004389358,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21684],"tags":[],"class_list":["post-1004457070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-viewpoint"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why Time\u2019s A-Wastin\u2019 for 1031 Exchange Buyers - 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