1031 Exchange Timeline

Day 0: Closing on the Relinquished Property

The clock starts the moment you close on the sale of your relinquished property. The qualified intermediary receives the proceeds directly from the closing and holds them in a segregated exchange account.

Day 1–45: The Identification Period

You have exactly 45 calendar days to identify your replacement property in writing. The identification must be unambiguous — a legal description, street address, or other clear description. You can identify up to three properties of any value, or more properties under the 200% or 95% rules.

• Written identification required by midnight on Day 45
• Three-Property Rule: up to 3 properties of any value
• 200% Rule: more than 3 properties, total value ≤ 200% of relinquished
• 95% Rule: more than 3 properties, must acquire 95% of total value

Day 46–180: The Exchange Period

You must close on your replacement property by Day 180 (or your tax return due date, whichever is earlier). The 45-day and 180-day periods run concurrently — the 180-day clock starts on Day 0, not Day 45.