William Byrnes' Tax, Wealth, and Risk Intelligence

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Prof. William H. Byrnes

Robert Bloink, J.D., LL.M.

Hope everyone had a great 4th last weekend! This week we analyze more CARES Act developments in the form of an extension of the RMD waiver to cover all of 2020. This potentially helps account holders who took RMDs prior to the passage of the CARES Act. We also see new proposed regs that define “real property” for the purposes of 1031 exchanges, as well extended deadlines related to opportunity zones.

New Regs Define Real Property for 1031 Exchanges

The 2017 tax reform legislation limited the availability of Section 1031 exchanges to exchanges of real property. Despite this, the important term “real property” had never actually been defined for 1031 purposes. The proposed regulations adopt a new definition of real property and make clear that each separate asset involved in a transaction must be analyzed independently to determine whether it qualifies. For more information on these definitions, visit Tax Facts Online. Read More

IRS Expands RMD Waiver Relief for All of 2020

Despite this, the law was enacted after some taxpayers had already taken their 2020 RMDs early in the year. For those who took RMDs very early in the year, the sixty-day rollover period had already expired. In response, the IRS announced that anyone who took a 2020 RMD is eligible to roll the funds back into their account penalty-free. The sixty-day rollover period was extended through August 31, 2020, so clients still have only a limited period of time in which to act. Further, the rollover does not count toward the otherwise applicable “one rollover per twelve-month period” rule or the restriction on rollovers for inherited IRAs. For more information on the RMD rules, visit Tax Facts Online. Read More

Key Deadlines for Opportunity Zone Investments Extended
As is the case with many deadlines this spring and summer, the IRS has extended several key deadlines that apply to opportunity zone investments. For taxpayers whose last day of the 180-day investment period within which to make a QOZF investment was on or after April 1, 2020 and before December 31, 2020, the last day of the 180-day period is extended to December 31, 2020. QOFs that failed to satisfy the 90 percent investment rule for a period ending on or after April 1, 2020 and on or before December 31, 2020 will not be subject to a penalty (i.e., the failure is disregarded). Similarly, the 30-month substantial improvement period for tangible property that is used prior to being acquired is suspended between April 1, 2020 and December 31, 2020. For more information on opportunity zones and extended deadlines, visit Tax Facts Online. Read More

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