Timing is an important issue in any 1031 exchange. There are essential deadlines you must hit in order to complete a successful 1031 exchange of real estate. In this article, we are going to explain how to know if you have enough time to do a 1031 exchange of real estate.
1031 Exchange Deadlines & Timeframes
In nearly every 1031 exchange of real estate, you have a total of 180 days from the start of your exchange to the finish. That means you have to sell your relinquished property and acquire your replacement property within 180 days. Additionally, the first 45 of those 180 days are set aside as your identification period during which you must identify in writing your replacement properties.
Don’t Wait Until the Last Minute
It’s a general best practice to not wait until the last minute to start a 1031 exchange. If you wait until the eleventh hour, it may be too late to get everything lined up for your exchange. Reach out to a qualified intermediary early on in the process.
Start a 1031 Exchange Today
If you’re ready to start your 1031 exchange of real estate, you’ve come to the right place! At CPEC1031, LLC our team of qualified intermediaries has been facilitating 1031 exchanges of all kinds for over two decades. We can help you through all the ins and outs of your 1031 exchange and make sure you have all the details covered. Contact us at our primary offices located in downtown Minneapolis to learn more about our services and how a 1031 exchange can help you save money in capital gains taxes.
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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