The deadlines that govern 1031 exchanges are hard and fast. They can only be exceeded under very rare circumstances. The two time frames you need to keep in mind are the 180 day exchange period and the 45 day identification period. In this article, we are going to discuss why it’s essential to hit your 1031 exchange identification deadline.
The 45 Day Identification Period
When you sell your relinquished property in a 1031 exchange, the clock starts ticking. From that point forward you have just 180 days to finish your exchange. The first 45 days of that 180 day period are your “identification period” during which you have to provide written identification of the replacement properties you intend to use in your exchange.
Missing your deadline for identifying replacement property in a 1031 exchange does not just delay your 1031 exchange. Typically, missing an identification deadline disqualifies the entire exchange. You can only exchange into property that you identify during your identification period. If you fail to identify any property during this period, you won’t have anything to exchange into. A little bit of planning can go a long way in this department and it’s important to strategize with a qualified intermediary before beginning the exchange process.
Contact an Intermediary at CPEC1031, LLC
During a 1031 exchange, it’s important to do everything you can to avoid surprises. You want to do as much planning as possible to set yourself up for a successful exchange. That’s where a qualified intermediary comes in. A skilled intermediary can help you map out the steps of your 1031 exchange, making sure you are prepared for every stage of the process. CPEC1031, LLC intermediaries have more than two decades of experience. Let us help you through the hoops of the 1031 exchange process. Reach out today to set up a time to chat 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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