Avison Young’s Jonathan Hipp on why now is the time to strike, as a critical July 15 deadline nears.
Yes, the past few months have been a time of great distraction for all of us as we questioned what our companies—and what the greater economy—would do in the face of the COVID-19 crisis.
But business, much like life itself, goes on, and, for 1031 exchange buyers, that means hitting some definitive deadlines.
The good news here is that the deadline for identifying exchange properties has been delayed—much like tax-preparation season, travel and getting haircuts—in the face of the pandemic. That move was made by the U.S. Department of the Treasury and the Internal Revenue Service, specifically to provide additional relief during this virus-imposed economic upheaval.