Relinquished Property
The property you sell to start the exchange — the "old" property.
Definition
The relinquished property (sometimes called the "downleg") is the investment or business real estate you sell to begin a 1031 exchange. Its closing date is Day 0: both the 45-day identification clock and the 180-day exchange clock start from the day it closes.
Why it matters
Because the sale closing sets both deadlines, the QI paperwork has to be in place before that closing. Edit a relinquished-property closing date and every downstream deadline moves with it.
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.