Tuesday, July 23, 2024

1031 Deadlines

45 Days to Indentify

You have 45 days from the sale of your Relinguished Property to identify your potential Replacement Properties. You can identify any property or properties. Subject to the Rules of Identification. You do not have to have the identified property(ies) under contract in order to identify them. 

180 Days to Close

You have 180 days from the sale of you Relinquished Property to close on the purchase of your Replacement Property to close on the purchase of your Replacement Property(ies).

1031 Deadlines are Firm, Regardless of whether the date falls on a Saturday, Sunday, or holiday. As a general principle, there are no extensions to these timeframes. However, Presidential orders may provide an extension in cases of declared emergencies, such as the terrorist attacks on 9/11. And areas affected by a natural disaster such as wildfires, hurricanes and tornadoes.

The 1031 Deadlines legally start when the “benefits and burdens” of the Relinquished Property are transferred.