When simultaneous exhanges cannot be accomplished, deferred exhanges through qualified intermidiaries can be coordinated to meet the IRC Sec. 1031 requirements. How long is the exhange period in a deferred exhange.
Answer:
(Source:https://www.irs.gov/newsroom/like-kind-exchanges-under-irc-code-section-1031)
The first time limit is 45 days from the date of sale of the relinquished property to identify potential replacement properties. The identification must be in writing, signed and delivered to a person involved in the exchange like the seller of the replacement property or the qualified intermediary.
The second limit is that the replacement property must be received and the exchange completed no later than 180 days after the sale of the exchanged property or the due date (with extensions) of the income tax return for the tax year in which the relinquished property was sold, whichever is earlier. The replacement property received must be substantially the same as property identified within the 45-day limit described above.
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