1031 Exchange IRS Extension | Real Estate in COVID Isolation, Quarantine, and Social Distancing
T. SOULE: Hi, it's Tanya Soule, REALTOR®, with Chase International in Incline Village, Nevada, Lake Tahoe. I am working from home today, as many of you are. So is Kandas Myer of IPX 1031 Exchange. She is here today to help us learn a little bit about these extensions you may have heard coming down through down through the IRS. Several things are changing and one of them affects the 1031 exchanges in real estate. Kandas, if you would, take it away, and let us know what's new…
K. MYER: Awesome. Nice to be with you again, Tanya. OK, so in a nutshell the federal government has given extensions to those involved in a 1031 exchange. And so right now, the way it stands, is if your 45 day or 180 day timeframe falls between April 1st and July 15th you’ve been given an extension and that extension ends on July 15th. So it's actually a nice extension. The ,let's say, I was in exchanger and I'm in my 45 day window, what does that mean? Well it means I've closed my relinquished property and I'm waiting to identify what it is I'm going to buy. And so that window has been extended from the close of escrow date until July 15th, which is a great extension. Likewise, if you're in your 180 day extension, the government has given us until July 15th. So, I had an example today, of a gentleman who's 180th day ends on the 29th of this month. He needed more time, and now he has more time. He's gotten till July 15th to get his replacement property closed. So, this was a really nice extension they gave us. We are still knocking on their door, looking for more, and we haven't given up, because we'd like to get the usual extension that we have been granted in the past. But that's not clear right now. So right now, what we do have is an extension if your timeframes fall between April 1st and July 15th, and you're doing a 1031 exchange, you have an extension through July 15th....
T. SOULE: One of the reasons for the extension is it's a little bit difficult, difficult and we are looking at property in an unusual way right now. It's not as easy to go through and identify those properties because you're not just cruising through houses anymore quite the way you used to when you went by. So, one of the things we're doing right now as Realtors is offering virtual tours, many of us are. So, if you would like to see a tour virtually, and you are ready to go, go ahead and give me a call and we will walk through a property together through FaceTime or Zoom or whatever app you have that works well for you. We’ll get that done for you and zoom in on whatever you need to do and answer your questions that way.
K. MYER: That’s been really helpful because I do have a number of clients in the middle of their 1031 and they've been grounded in another state. They may have been told to stay home just like we have been told in Nevada to stay home. And so, you know, they haven't been able to look at properties. In addition, your tenant occupied properties are, you know there's been a forbidding. We’re actually forbidden to show a tenant occupied property, so that makes your virtual tour and your virtual taking pictures and walking through with zoom or letting the client or the tenant do that is going to be very helpful.
T. SOULE: Yes, because we want to make sure everyone is limited on exposure, so this is how we still get business done during this time. So there is a way to get it done and extensions have been granted. Thank you so much Kandas. I really appreciate you taking the time to talk with us.
K. MYER: You’re welcome. Great being with you.
T. SOULE: Thank you. If you have any questions about real estate here in Incline Village, go ahead and give me a call or shoot me a text or email. My information is down below. And if you have questions about 1031 exchanges, Kandas Myer is your gal. Her information is also down below. Thank you so much. Have a great day.
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Contributors:
Tanya Soule
Realtor®, CLHMS®, SRS®, RSPS®, SRES®, MRP®, SFR®
Incline Village Real Estate. Elevated.
Chase International 917 Tahoe Blvd., Ste. 100 Incline Village, NV 89451
(775) 690-2341
tanya@LivingTahoe.com
www.LivingTahoe.com
NV S.0170786 PM.0165008
Connect with Tanya Soule:
LinkedIn: https://www.linkedin.com/in/tanya-soule-846682149
Facebook: www.facebook.com/ChaseRealtor
Instagram: @tanya_sells_tahoe / @inclinevillage.realestate
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Kandas Myer ▪ Vice President - Nevada Investment Property Exchange Services, Inc. (IPX1031) 5441 Kietzke Ln Suite 100 • Reno, NV 89511 m: 775.721.4190
e: kandas.myer@ipx1031.com
w: www.ipx1031.com
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