The clock is already running
Two clocks.
One closing date.
You have 45 calendar days from closing to identify replacement property and 180 to complete the purchase. They start on the same day and run at the same time, not one after the other.
- Calendar days
- Weekends and holidays count
- No extensions
- Missing one makes the sale taxable
- Free to you
- Sponsors pay us, not you
- Deadline ready
- Options that can close in your window
Where exchanges are lost
Starting the count too early
The clock does not begin when you list, accept an offer or open escrow. It begins the day the sale actually closes. Owners routinely assume otherwise and discover they have twenty days left rather than forty five.
Misunderstanding identification
Identification is a signed document delivered to your qualified intermediary by midnight on day 45. Telling your agent does not count. Having a property in mind does not count.
Engaging the intermediary too late
Your qualified intermediary has to be in place before closing. The moment you have access to the proceeds, even briefly and even in your own account, the exchange is finished.
Know exactly where you stand
Both dates, calculated properly
Your day 45 and day 180, counted in calendar days from your actual closing date, with the days remaining on each.
The tax return trap, checked
Day 180 is the earlier of 180 days or your tax return due date including extensions. Sell late in the year without filing an extension and the real deadline can arrive months early.
Options that fit the time you have left
A net lease purchase is a full commercial transaction of six to ten weeks. A pre packaged Delaware Statutory Trust can close in days. Which is realistic depends entirely on your date.
How it works
- 1
Give us your closing date
That single date is all the calculation needs. If you have not closed yet, an expected date works just as well.
- 2
Get both deadlines
We map day 45 and day 180, flag the tax return complication if it applies to you, and show what is left.
- 3
See what can still close
A licensed specialist tells you which replacement options are genuinely achievable in the days remaining.
Common questions
Do the 45 and 180 days run one after the other?
No, and this is the most common misunderstanding. Both periods begin on the day your relinquished property closes and run at the same time. Day 45 falls inside the 180 day window, not after it.
What happens if I miss the 45 day deadline?
The exchange fails and the sale is treated as fully taxable, which generally means capital gains, depreciation recapture and state tax all become due for that year. There is no extension for a deal falling through.
Can I identify more than one property?
Yes. Three rules exist and you choose which one you rely on. The three property rule allows up to three of any value. The 200 percent rule allows any number so long as their combined value is no more than twice what you sold. The 95 percent rule allows any number of any value provided you acquire 95 percent of it.
I closed last week. Is it too late?
Not necessarily. If you are inside the 45 day window there is still time, though the options narrow as the days pass. Get in touch quickly rather than researching for another fortnight.
Do I need a qualified intermediary?
Yes, and before you close. We are not a qualified intermediary ourselves, but a licensed specialist can point you to one.
Find out how many days you have left
It takes one date and a minute. Knowing is considerably better than assuming.
Send me my dates →