How long does a taxpayer have to complete the purchase of its Replacement Property?
The Replacement Property must actually be acquired in the taxpayer’s name on or before the expiration of 180 days after the transfer of the Relinquished Property, or the due date for the Taxpayer’s tax return for the taxable year in which the transfer of the Relinquished Property occurs, whichever is earlier. If the tax return date (usually April 15) occurs prior to the expiration of 180 days, then the taxpayer may file for an automatic extension to obtain the benefit of the full 180 day exchange period.
