IRS Extends Tax Deadlines

By
Real Estate Agent with REMAX Realty Group Lic. # SL3154233

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)

Posted by

 

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

 

close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Raymond Henson, SRES, GRI 04/12/2020 03:56 PM
Topic:
Real Estate General Information
Location:
Florida Lee County
Tags:
1031 exchange
investments
irs tax extension
irs tax benefits
my tax refund

Spam prevention
Show All Comments
Rainmaker
188,057
Raymond Henson, SRES, GRI
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Good information to share, Abby Stiller.  Thank you for  letting us know.  After getting this year's tax bill, I may need that estimated taxes extension!

Apr 12, 2020 04:17 PM #1
Rainmaker
201,808
Eva B. Liland Century 21 Doug Anderson
Century 21 Doug Anderson - Lancaster, CA
Glad to be of Service 661-714-1643

I heard the news but decided to get it done now, rather than later. One thing less to worry about. I'm actually meeting my Accountant tomorow morning after dropping it off last Friday. Life is good!

Apr 12, 2020 07:02 PM #2
Rainmaker
1,905,113
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I usually file an extension until 10/15 , but might be able to get my return done by 7/15 this year.

Apr 12, 2020 08:08 PM #3
Rainmaker
5,326,541
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Abby Stiller this was good information to share.... I just read it with a reblog from Raymond Henson, SRES, GRI 

Apr 13, 2020 02:43 AM #4
Rainmaker
539,060
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

Good morning Raymond Henson, SRES, GRI Thanks goodness to the extensions right! I wish you the best with your tax bills. Im still working on mine. 

Apr 13, 2020 06:58 AM #5
Rainmaker
539,060
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

That's great Eva B. Liland Century 21 Doug Anderson I'm also working on our taxes but hopefully to have them done by the end of the month. 

Apr 13, 2020 06:59 AM #6
Rainmaker
539,060
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

Good morning Barbara Todaro I always appreciate your comments. Hope you had a great Easter. Take care. 

Apr 13, 2020 07:00 AM #7
Rainmaker
539,060
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

Oh perfect Michael J. Perry I will get my taxes done before the extension. Wishing you the best. 

Apr 13, 2020 07:02 AM #8
Rainmaker
2,875,026
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

This is great information and the extension of tax deadlines will certainly help those that might owe a lot of tax.

Apr 13, 2020 07:37 AM #9
Rainmaker
3,400,725
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Abby,  I have my taxes ready March 15 and to the Cpa to get back the refund fast but no refund yet.

 

Apr 13, 2020 08:43 AM #10
Rainmaker
539,060
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

Hi Brian England Definitely is a relief for many of us who haven't finish the taxes on time. 

Apr 13, 2020 08:51 AM #11
Rainmaker
539,060
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

Good morning Will Hamm wow that's great that you are getting a refund. I have to pay more this year to uncle Sam :(

Apr 13, 2020 08:53 AM #12
Rainmaker
4,313,411
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thanks Abby, I did get this notice, but have no 1031 exchanges happening right now.

Apr 13, 2020 10:15 AM #13
Rainmaker
539,060
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

oh good Joan Cox me neither. Just working on my personal taxes. 

Apr 13, 2020 06:49 PM #14
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
539,060

Abby Stiller

Professional Bilingual Realtor (239) 284-8637
Ask me a question
*
*
*
*
Spam prevention