Industry Coalition Letter to Treasury Secretary Mnuchin Regarding Delay of 1031, Like Kind Exchange Deadlines

On March 23, NAR, as part of an industry coalition, sent a letter to Treasury Secretary Mnuchin. The letter requests that the Treasury Department and Internal Revenue Service take administrative action to help ensure liquidity in real estate markets by delaying deadlines applicable to like-kind exchanges that are currently underway (e.g., a taxpayer who has entered into an Exchange Agreement with a Qualified Intermediary or an Exchange Accommodation Titleholding Agreement with an Exchange Accommodation Titleholder). The deadlines to identify replacement property and / or complete like-kind exchanges should be extended for 120 days or to the last day of the general disaster extension period authorized by an IRS News Release or other guidance, similar to the relief described in section 17 of Rev. Proc. 2018-58 and authorized under Internal Revenue Code 7508A.