There are several essential deadlines in a 1031 exchange, one of which is the 45-day exchange period. In this article, we discuss the importance of the 45-day identification period in a 1031 exchange.
What is the 45-Day Exchange Period?
The 45-day exchange period is the time during which you must identify (in writing) your 1031 exchange replacement property. This 45 day identification period begins when you sell your relinquished property and runs concurrently with your 180-day exchange timeline.
If you wish to exchange into a replacement property but you fail to identify it during this 45 day period, you will not be able to utilize that property in your 1031 exchange. In other words, this deadline is very strict. That’s why it’s important to give yourself enough lead time to prepare for your exchange before you begin. Some taxpayers even like to line up their replacement properties prior to selling their relinquished property so they know they will be able to complete the process within these time frames.
Get Your 1031 Exchange Started Today
Contact a qualified intermediary from CPEC1031, LLC today. Our team is based in Minneapolis, but we serve clients throughout the United States. For decades, we have been facilitating like-kind exchanges under section 1031 of the Internal Revenue Code. Let us help you with your exchange. Whether you’re conducting a forward exchange, reverse exchange, or build-to-suit exchange, we have the knowledge and skill to bring your like-kind exchange across the finish line. You can reach out to us at our Twin Cities office to set up a time to chat with our team about your next 1031 exchange.
Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.
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