The SchifferLine
Timely Real Estate……………………………………………15 April, 2020
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Reminder: IRS Tax deadline moved to July 15, 2020
As a result of the coronavirus pandemic, your 2019 IRS tax deadline has been moved up to July 15, 2020. There will be no penalty filing by this date, although penalties will be enforced after this date. Happy filing!
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Property Tax Deadline
I am sure you know that the deadline for the 2nd half of your property taxes were not extended, and passed for the 10th of April, however they are working on how to handle any penalties for late payments if you were not able to make your payment by the deadline.
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1031 Tax Exchange Update
The IRS has also issued a change in tax deadline for those individuals involved in a 1031 Tax Exchange. Consequently, if either the 45-day deadline or the 180-day deadline of your exchange falls between April 1 and July 15, the deadline has been extended to July 15. The notice extends the deadlines for “time sensitive actions” which are due to be performed on or after April 1, 2020 and before July 15, 2020. Such deadlines include the 45-day identification and 180-day exchange period in a 1031 exchange. However, the IRS Notice is confusing because it is not written like previous Disaster Relief Notices. As a result, the Government Affairs Committee of the FEA is seeking clarification and further guidance from the IRS on various issues.
What we do know is this: If you have a 45-day identification period deadline or 180-day exchange period deadline that falls between April 1 and July 15, 2020, you will have an automatic extension to July 15th. Thus, a taxpayer with a 45th day falling on May 16 would receive an extension of the identification deadline to July 15. However, that same taxpayer would apparently not receive an extension of the 180-day deadline because it falls after July 15 (this is one of the major issues on which clarification is being sought). In addition, it also appears that under the current notice, if a relevant exchange deadline fell before April 1, there will not be an extension of such deadline. Please check with a 1031 tax exchange specialist for your specific situation. If you need a referral, please let me know.

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Sales volume up for March…but it is”too early to tell”
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Carole Schiffer, Realtor Coldwell-Banker Residential Brokerage/Brentwood Office 310-442-1384 (office) or e-mail me at carole@caroleschiffer.com www.caroleschiffer.com
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