One of the first things you need to know about a 1031 exchange is that you only have a limited amount of time to complete your 1031 exchange. Specifically, you have 180 days in total from the start to the end of your exchange. In this article, we are going to discuss the 1031 exchange period and whether or not it includes weekends and holidays.
Defining Your Exchange Period
Your exchange period begins when you sell your relinquished property (or when you acquire your replacement property if you are doing a reverse exchange). From that point on you have 180 days to complete your exchange. The first forth-five of those days are set aside as your identification period – the time in which you have to identify in writing all of your replacement properties.
Weekends & Holidays
Weekends and holidays are not excluded from your exchange period. All weekends and holidays count as part of your 180 days. Furthermore, if your 180 day deadline falls on a Saturday, Sunday, or on a holiday, you will not get an extension.
1031 Intermediaries in Minneapolis, MN
The intermediaries at CPEC1031 work with clients in all real estate industries on their 1031 exchanges. With more than twenty years of experience, our intermediaries have the skills needed to facilitate your exchange from start to finish. Contact us at our downtown Minneapolis office today to speak with an intermediary about your like-kind exchange and defer your capital gains taxes on your next real estate sale.
Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.
Defer the tax. Maximize your gain.
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