What is the IDENTIFICATION PERIOD timeline?
In a 1031 EXCHANGE, you have a 45-day identification period and a 180-day exchange period.
IDENTIFICATION RULES
A taxpayer has 45 days from the time the property is sold to
identify possible replacement properties. A written notice of this
identification must be signed and delivered to the seller or qualified
agent of the desired property. For real estate, the documentation must
include specific details about the property such as the address and
legal description.
Next, the replacement property must be secured, and
the exchange finalized no later than 180 days after the sale of the
original asset or the deadline of the income tax return for the tax year
the original asset was sold—whichever comes first. The property must be
of very similar description to the one mentioned during the initial
45-day time frame.
by Robert W. Wood - Investopedia
Contact a 1031 Exchange specialist for details:
Submitted by: Team Member Carrie
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