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Identification period: The period set by IRC §1031 during which the taxpayer must identify replacement property. The identification period begins on the date the taxpayer transfers the relinquished property and ends at midnight on the 45th day thereafter.
Exchange Period: The period of time within which the taxpayer must receive the replacement property. It begins on the date the taxpayer transfers the relinquished property and ends at midnight on the earlier of the 180th day thereafter or the due date (including extensions) for the taxpayer’s tax return for the tax year in which the transfer of the relinquished property occurs.
Consult your tax advisor regarding your tax filing requirement dates.
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