Basic Requirements

Time Frames

The two key time frames, or deadlines, that an Exchanger must meet to have a valid exchange are as follows:

  • The Identification Period: The Exchanger must describe the potential Replacement Property to be acquired within 45 days of the transfer of the relinquished property.


  • The Exchange Period: The Exchanger must receive the replacement property within 180 days after the date which the Exchanger transferred the relinquished property. In some cases, that would require the Exchanger to file an extension to their tax filing date in order to realize the full benefit of the 180 day Exchange Period.

Identification

The act of describing potential replacement properties in writing as a part of a 1031 exchange. Identification must be completed within 45 days of the sale of your relinquished property.