1031 Exchanges and Extensions
Due dates for completing a 1031 Exchange are hard and fast, usually. Once you close on the sale of a property, you’ve got 45 days to identify a new property and 180 days to complete the close of a replacement property. In the event that you don’t meet those deadlines, your exchange will “fail” and you won’t be qualified for the tax deferral. However, when disastrous events such as; hurricanes, tornadoes, wildfires, floods or terrorist acts occur, the government may issue tax relief extensions, which conjointly can extend your 1031 deadlines.
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