IRS framework
1031 Exchange Identification Rules
Understand the standard 45-day written identification period and common multi-property identification limits.
For a deferred exchange, replacement property generally must be identified in writing within 45 days after transfer of the relinquished property. The property generally must be received within 180 days or by the applicable tax-return due date, including extensions, if earlier.
Written, clear, and timely
The IRS instructions describe a written identification that clearly identifies the replacement property, such as by street address, legal description, or distinguishable name, and is delivered within the required period to an appropriate person involved in the exchange.
Multiple-property identification
Common identification limits include up to three properties regardless of fair market value, or any number of properties whose aggregate fair market value does not exceed 200% of the aggregate fair market value of the relinquished property. Additional rules can apply.
Confirm the actual written identification, deadlines, property descriptions, valuation rules, and any exceptions with the qualified intermediary and independent tax and legal advisors.