How long is the identification period?
The identification period is 45 days. The identification period is 45 days. The period begins on the date the taxpayer transfers the relinquished property to the other party in the exchange or the date the qualified intermediary sells the relinquished property. This date is called the initial transfer date. If there is more than one relinquished property in the same deferred exchange then the initial transfer date is the date the first property is transferred. The identification period terminates at midnight on the 45 th day following the initial transfer date regardless of holidays or Sundays. back to top ^ Can related parties exchange? Answer: Yes. However, there are special rules. In an exchange between related parties both parties to the exchange must hold replacement property received for a minimum of two years. If either party disposes of replacement property prior to the end of two years the exchange will be nullified and both parties will be subject to the recognition of gain e
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?
- What is the current identification period and closing time to accomplish a delayed 1031 Tax-deferred Exchange?
- CAN THE IDENTIFIED REPLACEMENT PROPERTY BE MODIFIED OR ALTERED AFTER THE IDENTIFICATION PERIOD BUT BEFORE MY RECEIPT?
