What are the specific timing rules for an exchange?
The Exchangor has a maximum of 180 days from the closing day of the Relinquished Property or the due date of that year’s tax return, whichever occurs earlier, to acquire the Replacement Property. This is called the Acquisition Period. The first 45 days of that period is called the Identification Period. During this period, the exchangor must identify the property for replacement. The identification must be in writing, signed by the exchangor, and received by the facilitator or other qualified party, faxed, postmarked or otherwise identifiably transmitted. Failure to identify Replacement Property within the 45 day period will cause the exchange to fail.
