CAN THE IDENTIFIED REPLACEMENT PROPERTY BE MODIFIED OR ALTERED AFTER THE IDENTIFICATION PERIOD BUT BEFORE MY RECEIPT?
The replacement property received must be “substantially the same property” as that which was identified. While the rules for deferred exchanges appear to sanction exchanges in which 75% or more of any vacant land parcel identified is acquired, some confusion exists as to the application of this “rule”. In a construction exchange, only “variations due to usual or typical production changes” are allowed. As a consequence, significant changes should not be made to property under construction, except within the Identification Period, during which time such identification can be revoked, amended and re-submitted.
Related Questions
- I closed escrow on my first replacement property within the 45 day identification period. Can I now identify three more properties within my 45 day identification period?
- I closed on my first replacement property within 45 day identification period. Can I still identify three more properties within the identification period?
- CAN THE IDENTIFIED REPLACEMENT PROPERTY BE MODIFIED OR ALTERED AFTER THE IDENTIFICATION PERIOD BUT BEFORE MY RECEIPT?
