On April 9, 2020, the Internal Revenue Service released IRS Notice 2020-23. Among other items, this Notice extends important deadlines for taxpayers involved in like-kind exchanges under Section 1031 of the Internal Revenue Code.

Specifically, for any Section 1031 exchangor whose (i) 45-day identification period, or (ii) 180-day exchange period ends between April 1, 2020 and July 15, 2020, the end date to identify replacement property and/or acquire replacement property under such deadlines is automatically extended to July 15, 2020. This relief is automatic and requires no action by the taxpayer, and applies to all taxpayers who identification or exchange period falls within the above window. The deadline extension does not apply to 45-day identification or 180-day exchange periods ending prior to April 1, 2020.