The IRS issued guidance Thursday, April 9th, to grant deadline relief for both 1031 like-kind exchanges and opportunity zone investments that are already underway. Both of these programs are designed to promote economic growth in communities, and NAR made the case that investors in these programs should not be harmed due to the effects of COVID-19.

In addition, sole proprietors who pay quarterly estimated taxes now have until July 15 to file their second quarter payment. As a result of an earlier IRS notice, first quarter estimated tax payments had already been extended to July 15. This means that any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, can before July 15, 2020, can wait until July 15 to make that payment, without penalty.

NAR has advocated heavily for these extensions since the outbreak of the COVID-19 pandemic. They have a full analysis of this announcement on their dedicated coronavirus page coming shortly.

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January 20, 2025  |  8:00am
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