National Qualified Intermediary Services
COVID 19-1031 Extensions Granted. Consult with your Accountant regarding extensions.
April 9, 2020 the IRS issued Notice 2020-23, this Notice extends any 45-day or 180-day deadline that occurs between April 1 and July 14, to July 15, 2020. Note that this is different from the usual disaster extension that provides for an extra 120 days. Exchangers should always speak with their tax advisors to determine if they are eligible for an extension.
IRS Disaster Relief Updates
We continue to conduct business to accommodate your exchange transactions and will monitor the situation. We will announce any further guidance and/or extensions to the 1031 exchange deadlines if and when granted.
Keeping Exchange in Safe Harbor
Fact#1 Qualified Intermediary (QI) services are NOT created equal.
Fact#2 Open exchange with QI PRIOR to closing relinquished property
Fact#3 Partial exchange is permitted
Fact#4 Security of Funds is paramount
Fact#5 NEVER use your Attorney, Broker or Accountant which you have paid for services recently (2years) to act as your QI, it could disqualify exchange in an audit