IRS Extends Deadlines For 1031, Opportunity Zone Investors

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. The National Association of Realtors told its members the decision benefits investors who are involved in 1031 exchanges or opportunity zone investments. With 1031 exchanges, investors who have to either identify or close on a property between April 1 and July 15 now have until July 15. Although many experts called for the IRS to extend these deadlines, what the agency released Thursday night was met with more confusion than applause. It doesn't address like-kind exchanges or opportunity zone investments specifically, but tax experts agreed they are covered under the broadening of the extension.