The two clocks
From the day you close the sale, you have 45 days to formally identify replacement property, and 180 days to close on it. Both clocks start on the same day and run concurrently — there's no extension for weekends or holidays.
Qualified intermediary
You can't touch the sale proceeds. A qualified intermediary (QI) must hold the funds between the sale and the purchase; taking constructive receipt of the cash disqualifies the exchange.
Equal or greater value
To fully defer tax, the replacement property should be of equal or greater value, and you should reinvest all the equity. Taking cash out ("boot") is taxable to that extent.
Frequently asked questions
What are the 1031 exchange deadlines?
45 days to identify replacement property and 180 days to close, both from the sale date.
Do I need a qualified intermediary?
Yes. You cannot receive the sale proceeds directly; a QI must hold them.
What happens if I miss the 45-day deadline?
The exchange generally fails and the gain becomes taxable.
Educational information and estimates only. Not tax advice. Tax rules change and vary by situation; consult a qualified tax professional before acting.