Will the government extend periods for 1031 exchanges?

[Jonathan Barr]

I know its of the items National Association of realtors is asking of the government.   They are powerful lobby group in Washington and I feel like they could have some sway.   There is also revenue procedure 2007-56, which may allow for an extension for disasters.   It's clear if they this would take affect in this situation.   I think we are wait and see what the government does.   I have 43 days to select something and I hope they extend it.

[Chris Brown]

Great question.  Speaking from the seat as a Qualified Intermediary who is in the midst of numerous exchanges for clients right now, a question that I am receiving every day.  As of now, no guidance from the IRS has been received. We are operating under the premise that timelines for exchanges will not be extended and encouraging our clients to do the same.