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The Time Line IRS Tax Code 1031 has certain specific time period requirements. In order for the exchange to be legal and binding, exchangers must comply with these requirements - THERE ARE NO EXCEPTIONS.
The time requirements are as follows:
- The exchanger is allowed 45 days from close of escrow of the relinquished property in which to identify the replacement property(ies)
- Close of escrow on the purchase of the replacement property(ies) must be within 180 days or the due date of the taxpayer's federal income tax return for the year in which the exchange occurred (whichever occurs first).
It is always best to consult with your legal and/or tax advisor for accurate explanations of these issues.
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