1031 Exchange Deadline Extension for Multifamily Commercial Real Estate Investors
SEATTLE, WA — Multifamily investors in Seattle in the midst of a 1031 Exchange process will have more time to find replacement property, according to new extensions announced recently for 1031 Exchange deadlines. Multifamily real estate transactions defined as 1031 Exchanges — where multifamily property investments are sold and like-kind investment properties are purchased — may be given a break from the 45-day Identification and 180-Day Exchange deadlines.
Heaton Dainard Commercial is working closely with clients who might be impacted from the slow-down of real estate transactions in the wake of the coronavirus pandemic. “This is good news for owners of rental property who were in the middle of a change,” says James Dainard, co-founder of the Bellevue-based real estate company Heaton Dainard. For anyone who entered into a 45-Day Identification period or 180-Day Exchange period that landed between April 1 and July 15 will be automatically provided an extension through July 15, 2020, according to updates from the IRS in Notice 2020-23 (reference: https://www.irs.gov/pub/irs-drop/n-20-23.pdf).
Individuals who are in the process of finding replacement property for their multifamily investment property should still work closely with an expert on the deadlines, as there are requirements that need to be met to qualify for an extension.
The relief provides taxpayers who are seeking replacement property some much-needed time to make sure the 1031 Exchange provisions remain in place for investors in multifamily properties. “We are looking forward to business going back to normal in the months and year to come,” says Dainard. Heaton Dainard has bought, flipped, held and sold multifamily real estate for over a decade. “We are working hard on our clients behalf so that their real estate investments can bear fruit well into the future, despite the difficulties we are experiencing in the present.”
For more information on identifying multifamily properties for sale in the greater Seattle region please contact Heaton Dainard Commercial, a full-service residential and commercial real estate company today!
