A rising tide lifts all boats, and if you’re sailing the goodship Realty, the seas just got a little bit less choppy.
Obviously in the wake of COVID-19, it’s a bit of an understatement to say we all could use some help. The unprecedented scale and spread of the virus is leaving a jaw dropping number of people without cash flow, and the splash back came for the housing market and professionals therein pretty much immediately.
Fortunately, the National Association of Realtors has been sharpening their politician poking stick (metaphorically) and advocating hard to get things done at a legislative level with the IRS and US Treasury Department (literally).
The IRS has extended much-needed relief in regards to payment of 1031 like-kind exchanges and opportunity fund investments, both intended to serve the underserved. Individuals and corporations alike can now breathe easy on making payments until July 15, leaving a 60 day breathing period for filing, and a month for actual payment before penalties racked up.
With 1.4 million members of NARs, and 9.5 million American jobs in the housing market on the line, the feds made the right decision to put out a helping, fee-free hand. It stands to reason that in times of crisis, including levels of unemployment unheard of since the Great Depression, that putting the screws to people and demanding blood from hopefully sanitized stones isn’t the best idea.
After all, I’m pretty sure a standard pitchfork IS compliant with the CDC’s six-feet-away requests. And in the off chance that we’re still riding the ‘rona wave into the summer (looking at YOU, defiant Barton Springs gatherers, looking RIGHT at YOU), this does bode well for setting a kinder, gentler precedent for the housing market in the future.
Breathe easy, realtors of the world…just not too close to anybody else.