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1031 Deadlines
There are two key deadlines that Exchanger’s must be aware of when completing a 1031 exchange. These 1031 deadlines are strictly enforced by the IRS, regardless of whether the date falls on a weekend or holiday.
45 Days: Exchangers have 45 days from the sale of the Relinquished Property to identify potential Replacement Property. There are three different rules that an Exchanger can follow when performing this identification. Once the 45 day deadline has passed, the Exchanger may not add, remove or substitute properties to this identification list.
180 Days: Taxpayers have 180 days from the sale of the Relinquished Property to close on, and take title to, properly identified Replacement Property or Properties. Note that the 180 day timeline is inclusive of, and not in addition to, the 45 day identification period. Should the taxpayer’s next tax reporting deadline occur prior to the 180th day, the taxpayer will need to complete the exchange by this earlier tax reporting deadline (April 15th for individual tax payers), or in the alternative, file an extension for their tax return to utilize the full 180 days.
As a general rule, the IRS does not offer extensions for either the 45 day identification deadline or the 180 day acquisition deadline. However, historical extensions to these deadlines have occurred under Presidential declarations of emergency, such as Hurricane Katrina and the terrorist attacks of September 11, 2001.