There are actually a few good things coming out of this pandemic. We get to spend so much more time with our family, hanging out at home and enjoying those around us. We get to file our taxes a little later this year, which is great if we owe taxes. We also get to extend our 1031 exchange, also known as a Starker exchange, deadline if we are in the middle of an exchange. That’s right, your 1031 exchange deadline has been extended!
1031 Exchange Extension
Pay attention if you are already in the middle of an exchange, meaning you bought or sold a property and your clock is ticking. If your deadline to identify a replacement property or to complete your exchange is before July 15, 2020, it has just been extended to July 15, 2020.
Stay at Home
This means you can follow the stay at home order, if there is one happening in your area. You don’t have to rush out and find a replacement property or act hastily during this public health crisis. There is still time to do your homework and ensure you make a good decision.
It’s easier than ever to find a home or investment property from the comfort of your own home. Many homes offer virtual tours or videos, a multitude of photos, neighborhood info and even video chats inside the home. You don’t need to leave the sofa until it’s safer to do so. If you’re looking for a replacement property in the Summit County area, search all properties for sale now.
Of course, everyone’s circumstances are different so you should check with your QI, qualified intermediary, company or tax expert and make sure you fit all the requirements and follow the adjusted rules.