Revoking 1031 Property Identification

1031 property identification

Can a taxpayer revoke his or her 1031 exchange property identification at any point during the exchange period? That's the topic for today's article. 

How to Revoke Identified Property

The short answer is yes (if you are within the first 45 days of the exchange period). During the first 45 days you can identify your replacement properties in writing and you can also revoke your replacement properties.

But the revocation also needs to be in writing and signed by the taxpayer and sent to the intermediary (or other party that you previously identified to) within that 45 day period. After the 45th day has elapsed, it's too late to revoke, amend, or otherwise change your identification, and you're locked into whatever you identified during the first 45 days. For more information on this topic, take a look at this whiteboard video.

  • 1031 Hotline: If you have questions about revoking identified property in a 1031 exchange, feel free to call me at 612-643-1031.

Defer the tax. Maximize your gain.

 

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