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Important Federal Government Updates Tags:

Three important federal government updates that REALTORS® should be following this week:
The IRS has extended the deadline for estimated quarterly tax payments to match the July 15 date for personal filing. Deadlines for Like Kind Exchanges (section 1031) have been moved back, as well. Finally, Opportunity Fund investors who sold a capital asset as part of a planned rollover between certain dates have additional time to reinvest.

Quarterly Estimated Tax Deadline Extension (1st & 2nd Quarter)
As a result of the IRS’ earlier notice of deadline extensions, the deadline for first quarter estimated tax payments was already extended to July 15. But before this new IRS deadline relief notice was released today, second quarter estimated payments were still due on June 15, meaning that the second quarter payments were due before the first. Now, both first quarter AND second quarter estimated tax payments are due at the same time, on July 15, 2020, for those who file quarterly

1031 Like-Kind Exchanges
If an investor has taken the first step of a like-kind exchange by selling the old property, and either the 45-day or the 180-day deadline falls between April 1 and July 15, the deadline has now been extended to July 15.

Opportunity Fund Investments
If an investor who sold a capital asset planned to roll over the gain into an Opportunity Fund and the 180-day deadline to do so falls between April 1 and July 15, they can now make the investment as late as July 15.

More information on these updates can be found on NAR’s Coronavirus Guidance page.