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legalgems
legalgems, Attorney
Category: FL Real Estate
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In a 1031 exchange the exchanger has 45 days to identify the

Customer Question

In a 1031 exchange the exchanger has 45 days to identify the new property.
Are they calendar days or business days?
Submitted: 1 year ago.
Category: FL Real Estate
Expert:  legalgems replied 1 year ago.

It is 45 calendar days; please see:

https://www.irs.gov/uac/like-kind-exchanges-under-irc-code-section-1031

actual statute here:

(3)Requirement that property be identified and that exchange be completed not more than 180 days after transfer of exchanged propertyFor purposes of this subsection, any property received by the taxpayer shall be treated as property which is not like-kind property if—

(A)

such property is not identified as property to be received in the exchange on or before the day which is 45 days after the date on which the taxpayer transfers the property relinquished in the exchange, or

(B)such property is received after the earlier of—(i)

the day which is 180 days after the date on which the taxpayer transfers the property relinquished in the exchange, or

(ii)

the due date (determined with regard to extension) for the transferor’s return of the tax imposed by this chapter for the taxable year in which the transfer of the relinquished property occurs.

Whenever a statute does not state "business days" or "court days" then it is presumed to be regular calendar days.

Expert:  legalgems replied 1 year ago.

Checking in on the above;

Thank you for using Just Answer.

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