In a 1031 exchange, you’ve got 45 days after the close of escrow to identify your properties and 180 days total to complete your exchange. The day of closing is day zero. By midnight of the 45th day you need to have sent in the identification. Technically you can send in your identification to persons other than the intermediary. That’s a little irregular, but it does happen. You may identify to the seller of the replacement property or the title officer who closed the transaction. You can identify to people that were involved in the transaction but were not your agent.
Most of the time when we receive property identifications we countersign and date them, scan them into the system, and then send them back to the taxpayer so that everybody knows the identification was completed in a timely manner.
Start Your 1031 Exchange: If you have questions about 1031 exchanges, feel free to call me at 612-643-1031.
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