Nareit Joins with Other Groups Asking the Treasury Department to Clarify Temporary Like-Kind Exchange Relief

On April 9, the IRS issued Notice 2020-23, extending until July 15, 2020, like-kind exchange 45-day identification and 180-day exchange deadlines that otherwise would fall between April 1 and July 14, 2020. This action followed a March 23, 2020 letter signed by Nareit and other national real estate organizations in asking the Treasury Department for relief from these statutory guidelines, consistent with Treasury action during other disasters.

On April 20, 2020, Nareit again joined other national real estate organizations in a letter to the Treasury Department seeking clarification that the deadline extension relief be automatic but not mandatory; and that either of the like-kind exchange deadlines fall between March 13 and July 15, 2020, that the deadline to complete each of those actions be extended by the latter of 120 days or July 15, 2020, but not later than the due date for filing the taxpayer’s tax return for the year in which the exchange began.

(Contact: Dara Bernstein at dbernstein@nareit.com)

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