Deadlines are extremely important in a 1031 exchange. In this article, we are going to talk about the three most important dates to remember in a 1031 exchange of real estate.
The Date of Your Relinquished Property Sale
The first date you need to keep in mind is the date on which you sell your relinquished property. Your 1031 exchange clock starts ticking the day you sell your relinquished property so it’s important to know when this is going to happen in order to properly prepare for the rest of your 1031 exchange period.
The Date of Your Replacement Property Identification Deadline
Next, you need to mark your calendar with the date of your replacement property identification deadline. Once your exchange begins, you have 45 days to identify in writing all of the replacement properties you intend to exchange into.
The Final Date of Your 1031 Exchange Period
And finally, you need to know the final date of your 1031 exchange period. You have 180 days in total to complete your 1031 exchange once you sell your relinquished property. There are a few rare situations in which your exchange period may be different – so you should always consult with a qualified intermediary on the specifics of your exchange.
CPEC1031
At CPEC1031, our specialty is 1031 exchanges. In fact, we focus solely on providing the best possible 1031 exchange services in the industry. Our qualified intermediaries have over two decades of experience working with clients throughout the state of Minnesota and beyond on their like-kind exchanges. We can help you save capital gains taxes on your next real estate sale. Contact us today at our downtown Minneapolis office to learn more!
Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.
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