NAR Letter to Treasury and IRS Reggarding 1031 Deadlines and Coronavirus Tax Relief

On March 17, NAR,its affiliates, the CCIM Institute and the Institute for Real Estate Management, sent a letter to Department of the Treasury, Assistant Secretary Kautter and Internal Revenue Service, Chief Counsel Desmond. The letter urges the Treasury Department and Internal Revenue Service to include deadline relief for 1031 like-kind exchanges with any forthcoming package of taxpayer relief measures. As Americans struggle under the unprecedented conditions created by the coronavirus crisis, our members are experiencing delays in property settlements due to title companies and others who are closed due to the current emergency. Without relief, missing 1031 deadlines could invalidate the deferral treatment promised by section 1031 due to no fault of

the taxpayer.