Included among the extended due dates of Notice 2020-23 is a broad extension with respect to “Time-Sensitive Actions.”
This includes the extension of:
- The 45 day identification period of replacement property under Section 1031
- The 180 day replacement period of replacement property under Section 1031
- The 180 day reinvestment period with respect to Opportunity Zone deferrals under Section 1400Z
In the above circumstances, the Notice extends any of the above 45-day or 180-day deadlines that occur between April 1 and July 14, to July 15, 2020. Please note this does not extend any of the above time periods if they are scheduled to end before April 1, 2020 or after July 14, 2020.
Please contact your Somerset advisor at 317-472-2200 with any questions.