The replacement property must be identified within 45 days of the transfer of the first relinquished property.
This 45-day Identification Period is very strict and is not extended if the 45th day should happen to fall on a Saturday, Sunday or legal holiday.
The acquisition of your replacement property must be completed by the earlier of:
This 180-day Exchange Period is very strict and is not extended if the 180th day should happen to fall on a Saturday, Sunday or legal holiday.
Notice 2020-23 (which updates Notice 2020-18, “Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic”), released on April 9, 2020, provides Taxpayers who are currently engaged in a 1031 exchange some relief from the 45-Day Identification and 180-Day Exchange Period deadlines.
The notice provides that any person performing a time-sensitive action listed in either § 301.7508A-1(c)(1)(iv) – (vi) of the Procedure and Administration Regulations or Revenue Procedure 2018-58, 2018-50 IRB 990 (December 10, 2018), which is due to be performed on or after April 1, 2020, and before July 15, 2020 (Specified Time-Sensitive Action), is an Affected Taxpayer.
This appears to provide that any Affected Taxpayer with a 45-Day Exchange Period or 180-Day Exchange Period deadline between April 1 and July 15, 2020 will have an automatic extension to July 15, 2020.
This notice is not intended to serve as legal or tax advice. Please consult with your tax or legal advisor regarding your specific circumstances.
Disclaimer: The First American Exchange Company "Exchange Date Calculator" provides our customers with a user-friendly method of calculating the identification deadline and the exchange deadline for an I.R.C. § 1031 delayed exchange. Certain variables may need to be considered in determining the dates, such as the due date of the exchangor's tax return and the date of any filing extensions, which are beyond the functionality provided by this calculator. The accuracy of the timings obtained through the use of this calculator are dependent upon the accuracy of the information entered into the calculator by the user.