Short answer: You have 180 days from the day your sale closes to complete a 1031 exchange, and you must identify replacement property in writing within the first 45 of those days. The 180 days end sooner if your tax return for the year of the sale is due first, unless you file an extension.
Reviewed by Jon Hilley. Last updated September 29, 2026.
A 1031 exchange runs on two fixed clocks, and both start the day you transfer the property you are selling, which is usually the day your sale closes. The 1031 exchange timeline gives you 45 days to identify replacement property and 180 days to receive it. The two periods run at the same time, so day 45 is also day 45 of the 180.
These are calendar days. There is no extra time when a deadline lands on a weekend or holiday, and the IRS does not grant extensions because a deal is slow to close. The only routine relief is for federally declared disasters and certain military service; see can you extend a 1031 exchange deadline for how that works.
Key rules
- 45-day identification period: You must identify replacement property by the end of the 45th day after you transfer your relinquished property (IRC §1031(a)(3)(A))
- 180-day exchange period: You must receive the replacement property by the earlier of 180 days after the transfer or the due date, including extensions, of your tax return for the year of the transfer (IRC §1031(a)(3)(B))
- Identification must be in writing: It must be signed by you, delivered to your qualified intermediary or another person involved in the exchange who is not a disqualified person, and describe the property unambiguously, such as by street address or legal description (Treas. Reg. §1.1031(k)-1(c)(2)-(3))
- Limits on what you identify: Up to three properties of any value, any number whose total value is no more than 200% of what you sold, or any number if you acquire at least 95% of the total value identified (Treas. Reg. §1.1031(k)-1(c)(4))
- Several sales, one clock: If one exchange includes more than one relinquished property, both periods run from the earliest transfer (Treas. Reg. §1.1031(k)-1(b)(2)(iii))
- Disasters are the main exception: The IRS can postpone the deadlines for taxpayers affected by a federally declared disaster (IRC §7508A; Rev. Proc. 2018-58)
How the 45-day and 180-day periods work
Day 1 is the day after your sale closes. Count 45 calendar days to find your identification deadline and 180 calendar days to find your closing deadline. The clock starts at the transfer, not when you list the property or sign the purchase contract. Your qualified intermediary has to be in place before that closing, because once the sale money reaches you, it is too late to start an exchange.
If you close on a replacement property within the first 45 days, that property counts as identified, so you do not need a separate identification letter for it. Until the end of day 45 you can revoke or change your identification in a signed writing delivered to the same person who received it (Treas. Reg. §1.1031(k)-1(c)(6)). After day 45 the list is fixed, and from then on you can only buy from that list.
When your tax return cuts the 180 days short
The exchange period ends on the earlier of day 180 or your return due date. For an individual who files on a calendar year, a sale that closes after mid-October means April 15 arrives before day 180. Filing an extension (Form 4868 for individuals) restores the full 180 days.
This trips up more fall sellers than any other rule. If your sale closes in the last quarter of the year, plan the extension with your preparer before the return is due.
What happens if you miss a deadline
A missed deadline means the exchange fails and your gain becomes taxable. Your qualified intermediary also cannot simply hand the money back early. If you identified nothing, funds can generally be released after day 45; if you identified property, they generally stay put until you have received everything you are entitled to or day 180 passes (Treas. Reg. §1.1031(k)-1(g)(6)).
Reverse 1031 exchange timeline
In a reverse exchange the order flips. An exchange accommodation titleholder buys and holds the replacement property first, you identify the property you will sell within 45 days, and the sale must close within 180 days (Rev. Proc. 2000-37). The written agreement with the titleholder must be signed within 5 business days after it takes title. See what an exchange accommodation titleholder does.
Example: a sale that closes in November
Assume an individual investor who files a calendar-year return sells a rental property late in the year.
- Sale price of relinquished rental: $800,000
- Sale closes: November 20, 2026
- Identification deadline (day 45): January 4, 2027
- Maximum value under the 200% rule: $1,600,000 of identified property
- Day 180: May 19, 2027
- 2026 return due date without an extension: April 15, 2027 (day 146)
- Exchange deadline without an extension: April 15, 2027
- Exchange deadline with a Form 4868 extension: May 19, 2027
This investor has until January 4 to identify replacement property. They can list up to three properties of any value, or more than three as long as the total stays at or under $1,600,000. Without an extension, the 2026 return comes due on April 15, 2027, which cuts 34 days off the exchange period. Filing the extension keeps the full 180 days, through May 19, 2027.
You can plot your own dates with our 1031 exchange deadline tracker, which works as a 1031 exchange timeline calculator, and test your property list with the 45-day identification validator.
Other questions investors ask
How quickly can a 1031 exchange be set up?
In our experience a standard exchange can usually be opened within a day or two, as long as it is done before your sale closes. Setting it up means signing an exchange agreement with a qualified intermediary and assigning your sale contract to it, with written notice to the buyer. See how to set up a 1031 exchange.
How long does it take to close property for a 1031 exchange?
You must close on the replacement property within 180 days of your sale, or by your tax return due date if that comes first. How long the purchase itself takes depends on financing, inspections and title work, so aim to close well before day 180. Closing on day 181 fails the exchange.
Common mistakes
- Assuming weekends extend the deadline. We see investors expect day 45 to roll to Monday when it lands on a Saturday. It does not. Deliver your identification a few days early.
- Forgetting the tax return due date. The most common timing problem we see on fall sales is a return that is due before day 180. Tell your preparer you are in an open exchange so the extension gets filed.
- Vague identification. "A duplex on Main Street" is not an unambiguous description. Use a full street address or legal description, and identify backups in case your first choice falls through.
- Treating day 180 as the target. Appraisals, lender conditions and title issues cause closings to slip. Schedule the replacement closing with room to spare, because closing on day 181 fails the whole exchange.
