No matter what type of 1031 exchange you are conducting (forward, reverse, build-to-suit, etc.) you need to abide by strict 1031 exchange deadlines. In this article, we are going to explain these 1031 deadlines.
You Have 180 Days to Complete Your Exchange
The first deadline you need to be aware of is the 180 day exchange deadline. In any 1031 exchange (with very rare exceptions) you have a total of 180 days from the sale of your relinquished property to the acquisition of your replacement property. If your exchange extends beyond this deadline it will fail and you won’t be able to defer your capital gains taxes so you need to give yourself and your qualified intermediary enough time to set things up properly.
You Have 45 Days to Identify Your Replacement Property
You also need to be aware of the 45 day identification period. During the first 45 days of your 180 day exchange period, you need to provide written identification of the replacement properties you intent to use in your exchange. If you fail to identify a property during this 45 day period, you will not be able to exchange into it.
CPEC1031 Can Help You Through Your Next Like-Kind Exchange
CPEC1031, LLC provides qualified intermediary services to taxpayers throughout the United States who are engaging in 1031 exchanges of investment real estate. We have been providing like-kind exchange services to the 1031 exchange industry for more than two decades. Our team of intermediaries can help you through all the stages of your next 1031 exchange of real property. Contact us today at our Twin Cities office to learn more about the specifics of section 1031 and see if your property qualifies for 1031 exchange treatment.
Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.
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