***Due to the Coronavirus-related orders issued by NC Governor Roy Cooper, the GCAA office is open on a limited basis. Staff will be available for drop-in visits on Tuesdays & Thursdays and are available by appointment only on Wednesdays. Staff will also be available by phone and e-mail. We thank you for your patience as we play our part in keeping our staff and broader community safe.***

 

In a 1031 Exchange? Why waiting until after COVID-19 to complete your exchange could potentially...

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In a 1031 Exchange? Why waiting until after COVID-19 to complete your exchange could potentially be a bad idea


As a result of the COVID-19 pandemic the IRS issued Notice 2020-23 which provided a multitude of tax extensions including the extension of the 1031 exchange deadlines. The typical investor in a 1031 exchange will have 45 days from the sale date to identify a replacement property, and 180 days to complete the purchase of that same property. With the IRS’ notice the 45-day, and 180-day deadline has been extended until July 15th 2020…

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