Last week the IRS issued Notice 2020-18. Included in the relief provided by the Notice is an extension of time for “Specified Time-Sensitive Actions” required by an affected taxpayer. Included in the definition of a “Specified Time-Sensitive Action” is certain deadlines imposed for Section 1031 exchanges and qualified opportunity fund investments. For any required “Specified Time-Sensitive Action” which is due to be performed on or after April 1, 2020 and before July 15, 2020, there is an extension of time to make the required action until July 15, 2020. For Section 1031 exchanges, the relief granted impacts the deadlines for both the 45-day identification period and the 180-day reinvestment period. For qualified opportunity fund investments, the relief applies to an investment at the election of a taxpayer due to be made during the 180-day reinvestment period. This is welcome news to many real estate investors who were struggling to meet these statutory deadlines during the current pandemic.