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There are two important time periods for 1031 property exchanges given in the Internal Revenue Code:
1. The Identification Period
The "Identification Period" begins on the date the taxpayer transfers the relinquished property and ends at midnight of the 45th day thereafter. During the Identification Period, the Exchanger must formally identify the Replacement Property (or Properties), usually in writing to the Accommodator. If the Exchanger wishes to identify more than one Replacement Property, three identification levels of increasing complexity are given in the Regulations. See the identification section for more details:
2. The Exchange Period
The "Exchange Period" begins on the date the taxpayer transfers the relinquished property and ends at midnight on the earlier of the 180th day thereafter or the due date (including extensions) for the Exchangers tax return (beware of the differences between corporate and personal tax return deadlines!).
It is not possible to extend either the Identification or Exchange Periods. Failure to comply will likely cause the exchange itself to fail. Summit 1031Exchange, Inc. will guide you through the complexities of the Exchange Period and the Identification process to insure compliance and a trouble-free exchange!
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