When do the 45-day and 180-day clocks start?

Both periods start on the same day — the date you close on the sale of your relinquished property (transfer of the deed). You have 45 calendar days to identify replacement property and 180 calendar days to close on it. The two periods run concurrently, not back to back, so the 180 days includes the first 45.

What are the identification rules for a 1031 exchange?

You can identify replacement property under one of three rules: the 3-property rule (up to three properties of any value), the 200% rule (any number of properties as long as their combined fair market value doesn't exceed 200% of what you sold), or the 95% rule (any number of properties of any value, provided you actually acquire at least 95% of the total value identified).

Can the 45-day or 180-day deadline be extended?

Almost never. The periods are set by statute and include weekends and holidays — if day 45 falls on a Sunday, it's still day 45. The only extensions come from the IRS granting disaster relief after a federally declared disaster. A deal falling through, financing delays, or bad timing do not extend either deadline.

What happens if my identified property falls through after day 45?

You're generally stuck with what you identified. After the 45-day window closes you can only acquire property you named in writing during that window. If your only identified property collapses and you can't close on it within 180 days, the exchange fails and the gain becomes taxable — which is exactly why experienced investors identify backups.

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Florida 1031 Exchange

The 45-Day and 180-Day Rules: Deadlines That Make or Break a 1031 Exchange

Two hard deadlines govern every delayed 1031 exchange: 45 days to identify replacement property and 180 days to close. There are no extensions for weekends, holidays, or a deal that falls through — and missing either one makes the whole gain taxable.

SMAART Tax Team

February 24, 2026

6 min read

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