Real Estate Ray's Blog: IRS Extends Tax Deadlines

IRS Extends Tax Deadlines

     Thank you Abby Stiller, for sharing this information regarding time extensions for 1031 exchanges, opportunity zones and estimated tax payments.  For those of us in the midst of a 1031 exchange, this could be very helpful.  I am sure that extending the dates for estimated taxes will also be very welcomed.   

The IRS issued guidance Thursday evening to grant deadline relief for both 1031 like-kind exchanges and opportunity zone investments that are already underway.  Both of these programs are designed to promote economic growth in communities, and NAR made the case that investors in these programs should not be harmed due to the effects of COVID-19.
 

  • 1031 Like-kind exchanges.  If an investor has taken the first step of a like-kind exchange by selling the old property, and either the 45-day or the 180-day deadline falls between April 1 and July 15, the deadline has been extended to July 15. 
  • Opportunity Zones.  If an investor who sold a capital asset planned to roll over the gain into an Opportunity Fund and the 180-day deadline to do so falls between April 1 and July 15, 2020, he or she can make the investment as late as July 15.  

Also, sole proprietors who pay quarterly estimated taxes now have until July 15 to file their second quarter payment.  As a result of an earlier IRS notice, first quarter estimated tax payments had already been extended to July 15.  This means that any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15 to make that payment, without penalty.  


This information is provided by NAR (National Association of Realtors)

 

Abby Stiller 

Realtor® Lic. #3154233    

12 Years of Experience

RE/MAX Realty Group    Cape Coral Fort Myers Naples  Realtor Cape Coral      

 

I help Home buyers find their dream home & Homeowners sell for more. Thinking of buying or selling? Call/Text me: 239-284-8637   Your Honest & Dedicated Realtor!

or visit: www.TeamStiller.com

 

             eXp Realty of California, Inc

Raymond Henson, SRES, GRI, e-Pro

Past Client Testimonials   

3412 Babson Drive

Elk Grove, CA 95758

RayRHenson@gmail.com

916-698-8415

 

 

Comment balloon 15 commentsRaymond Henson, SRES, GRI • April 12 2020 10:56PM

Comments

Good morning Raymond Henson, SRES, GRI good selection for a reblog.... important information for all....

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) about 2 months ago

Thank you so much for the reblog Raymond Henson, SRES, GRI Wishing you all the best with your 1031 exchange. Take care. 

Posted by Abby Stiller, Professional Bilingual Realtor (239) 284-8637 (REMAX Realty Group) about 2 months ago

It is easy to share useful information, Abby Stiller.  Thank  you for providing it.

Thank you, Barbara Todaro.  The 1031 time lines are the first thing that I thought of as we were completed the sale side of our transaction.  I was worried that we may need an extension, but it looks like it will all work out fine.  I am sure this will ease a lot of anxiety for others. 

Posted by Raymond Henson, SRES, GRI, Realtor (eXp Realty of California, Inc. (lic. #01878277)) about 2 months ago

This is a nice choice for a reblog and Abby Stiller always has great advice and information for her clients!

Posted by Brian England, MBA, GRI, REALTOR® Real Estate in East Valley AZ (Arizona Focus Realty) about 2 months ago

Raymond, I did get this notice, but right now, have no 1031 exchanges happening.   Thx Abby for sharing! 

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) about 2 months ago

Brian England,  I agree Abby provides a lot of great information.

Joan Cox,  good to hear that you do not have any 1031 clients impacted by our current situation.  Thank you for stopping by.   

Posted by Raymond Henson, SRES, GRI, Realtor (eXp Realty of California, Inc. (lic. #01878277)) about 2 months ago

Raymond Henson, SRES, GRI - This one is definitely worth re-blogging. I'm lucky. I filed mine the first week in February. I was prepared. 

Posted by Patricia Feager, MBA, CRS, GRI,MRP, Selling Homes Changing Lives (DFW FINE PROPERTIES) about 2 months ago

Wow, Patricia Feager, MBA, CRS, GRI,MRP, you were prepared!  Very well done! 

Posted by Raymond Henson, SRES, GRI, Realtor (eXp Realty of California, Inc. (lic. #01878277)) about 2 months ago

Yes too late for me we paid already, but the good news is the other taxes will be extended as well:))Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) about 2 months ago

Thank you very much for sharing this reblog selection.

Have a great day and an outstanding week.

Posted by Roy Kelley (Realty Group Referrals) about 2 months ago

Endre Barath, Jr.,  I may use a few days of the extension for paying my Fed and State taxes, but I do like to get the payments out of the way. 

Roy Kelley, Thank you for all of your positive comments.  I will do my best to have a good week and wish the same to you!   

Posted by Raymond Henson, SRES, GRI, Realtor (eXp Realty of California, Inc. (lic. #01878277)) about 2 months ago

Hello Raymond,  Great reblog and one that is important for all of us to stay up with now.

 

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) about 2 months ago

Hi Raymond:

Glad to see this getting shared - it's pretty important information that many will appreciate knowing - hopefully they saw it soon enough!

jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (eXp Realty of California) about 2 months ago

Will Hamm and Jeff Dowler, CRS, thank you for your input.  I appreciate it. 

Posted by Raymond Henson, SRES, GRI, Realtor (eXp Realty of California, Inc. (lic. #01878277)) about 2 months ago

Hi Raymond Henson, SRES, GRI -thankfully many of these IRS and state deadlines have been extended.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) about 2 months ago

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