45-Day Identification Rule
You have 45 calendar days from closing to formally identify your replacement property in writing.
Definition
The 45-day rule gives you 45 calendar days after your relinquished-property closing (Day 0) to identify, in writing, the replacement property or properties you intend to buy. The identification must be unambiguous (a real address or legal description), signed, and delivered to your qualified intermediary. Weekends and holidays count, and there are no extensions — the only recognized exception is a federally declared disaster.
Why it matters
Miss day 45 and the exchange fails — the entire gain becomes taxable. This is the tightest, least forgiving deadline in a 1031. See exactly how many days you have with the deadline calculator.
Related terms
General education — not tax or legal advice. This explains how §1031 exchanges work in general terms and uses simplified assumptions. Rules and tax rates change and your situation is specific. Talk to a qualified CPA or tax attorney before you rely on any of it. See our full terms & legal notice.