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IRS adds new FAQ on like-kind exchanges and deadlines (COVID-19)

IRS adds new FAQ on like-kind exchanges and deadlines

The IRS updated a list of “frequently asked questions” (FAQs) concerning the postponed deadlines for filing federal income tax returns and paying federal taxes in response to the coronavirus (COVID-19) pandemic.

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The FAQs—originally posted on March 24, 2020, shortly after the IRS issued in Notice 2020-18—were subsequently updated to reflect guidance included in Notice 2020-20 and Notice 2020-23 that amplified the guidance from Notice 2020-18. Read TaxNewsFlash

The new information added to the FAQs (updated August 11, 2020) addresses like-kind exchanges.

Q. Did Notice 2020-23, 2020-18 I.R.B. 742, extend the relief provided in section 17 of Rev. Proc. 2018-58, 2018-50 I.R.B. 990, to taxpayers engaging in section 1031 like-kind exchanges? (added August 11, 2020)

A. No. Notice 2020-23 did not extend the relief provided in section 17 of Rev. Proc. 2018-58 to taxpayers engaging in section 1031 like-kind exchanges. Therefore, the section 1031 deadlines addressed in items 26 and 27 of section 6 of Rev. Proc. 2018-58 that fall on or after April 1, 2020, and before July 15, 2020, are not extended beyond July 15, 2020.

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