IRS Extends Deadlines For 1031, Opportunity Zone InvestorsApril 10, 2020 – Media Mention
Tax Partner Warren "Skip" Kessler spoke to Bisnow about 1031 exchange and opportunity zones.
Investors who have like-kind exchange or opportunity zone deadlines between April 1 and July 15 now have a little more time to close their deals. The IRS issued new guidance Thursday night that granted all taxpayers, including “trusts, estates, corporations and other non-corporate tax filers” a filing extension until July 15.
Greenberg Glusker Fields Claman & Machtinger partner Warren "Skip" Kessler said he was disappointed by the IRS actions. Kessler represents real estate firms and owners, including those in 1031 exchange investments.
"In the past, the Section 1031 extensions were 120 days and even longer in certain circumstances. Acquiring commercial real estate is a complex process and often results in a decision not to proceed after several months of effort. Further, financing in the best of times is challenging and time-consuming," Kessler wrote in an email.
"Add to the usual concerns, that pricing is uncertain when even Fortune 50 companies are not paying their rent and many existing tenants will close their doors, I would not be surprised if the real estate lobbied for longer time periods for 1031 extensions and believe it is appropriate to do so."
Read the full article on Bisnow >>