Transaction Coordination

1031 Exchange Timeline: 45-Day and 180-Day Rules

The two 1031 deadlines from the statute and Treasury regulation, why the 180 days can be cut short by the tax return due date, the 3-property, 200% and 95% rules, who can be the qualified intermediary, and what a TC tracks.

Ijharul Islam October 21, 2026 8 min read

1031 exchange timeline, in short: the investor has 45 calendar days after transferring the relinquished property to identify replacement property in writing, and must receive it within 180 days of that transfer or by the tax return due date for that year, with extensions, whichever is earlier. Both clocks start together, and neither moves for weekends or holidays.

More on this topic: Contract to close: process and checklists, every guide in one place.

These deadlines come from the statute and the Treasury regulation, not the purchase contract, so they're easy to miss on a TC's calendar. Below: the rules, a dated example, the identification limits and what to track. It's general information, not tax advice: the investor's tax adviser and qualified intermediary run the exchange.

Key takeaways

Day 0 is the day the relinquished property transfers; the identification period ends at midnight on day 45 and the exchange period at midnight on day 180 (Treas. Reg. § 1.1031(k)-1(b)(2)).
The 180 days end early if the return for the year of the sale is due first, unless the investor extends it: a late-year sale can lose 10 days or more.
Identify up to 3 properties of any value, or more if their total value is no more than 200% of what was sold (the 95% exception aside).
The investor's real estate agent or broker within the past two years can't be the qualified intermediary.
Calendar days with no weekend or holiday roll-forward; only IRS disaster relief can postpone the dates.

What is the 1031 exchange timeline?

The 1031 exchange timeline is two deadlines that start on the same day, the day the investor transfers the relinquished property. 26 U.S.C. § 1031(a)(3) says replacement property doesn't count as like-kind unless it is identified within 45 days of that transfer and received by the earlier of 180 days or the return's due date, with extensions. The regulation adds that each period ends at midnight on the last day.

Deadline	Counts from	Ends	Source
Identification period	Transfer of the relinquished property	Midnight on the 45th day after	§ 1031(a)(3)(A); Reg. § 1.1031(k)-1(b)(2)(i)
Exchange period	Same transfer date	Midnight on the earlier of the 180th day or the return due date (including extensions)	§ 1031(a)(3)(B); Reg. § 1.1031(k)-1(b)(2)(ii)
Several relinquished properties	The earliest transfer	Both periods run from that first date	Reg. § 1.1031(k)-1(b)(2)(iii)

Since 2018, § 1031 covers only real property held for business or investment, and US and foreign real property aren't like-kind to each other, according to the IRS and § 1031(h).

Why can the 180-day exchange period be shorter?

The exchange period ends on the 180th day or the due date of the investor's tax return for the year of the transfer, including extensions, whichever comes first. For a late-year sale, the return due date can arrive before day 180. Filing an extension (Form 4868 for individuals, which the IRS says gives until October 15 to file) moves the due date past day 180 and restores the full period. The investor's tax adviser makes that call; the TC's job is to flag the date early.

What does a 1031 exchange timeline look like with real dates?

Illustrative example, a calendar-year individual: the relinquished property closes and transfers on Thursday, October 29, 2026.

Event	Date	Note
Relinquished property transfers (day 0)	Thu Oct 29, 2026	Both clocks start
Day 45: identification due	Sun Dec 13, 2026	A Sunday: it does not move to Monday
2026 return due without extension	Thu Apr 15, 2027	Earlier than day 180, so this ends the exchange period
Day 180	Tue Apr 27, 2027	Only applies if the return is extended
Practical target	Identification sent well before Dec 13; replacement closing booked before Apr 15 unless the adviser confirms an extension	Leave room for a slipped closing

Count it yourself: day 1 is October 30, so day 45 is December 13. A replacement closing that slips from April 14 to April 16 would miss the exchange period here unless the return was extended. The free 1031 exchange deadline calculator does the same count from any transfer date and shows when the tax return due date cuts the 180 days short.

What are the 1031 identification rules?

Replacement property must be identified in a written document signed by the investor and sent before the end of the 45 days to the person obligated to transfer it or another party to the exchange (usually the qualified intermediary), not to the investor or a disqualified person. Property received within the 45 days counts as identified.

Rule	What it allows	Source
3-property rule	Up to 3 properties, whatever their value	Reg. § 1.1031(k)-1(c)(4)(i)(A)
200% rule	Any number, if their total fair market value at the end of the 45 days is no more than 200% of the relinquished property's value	Reg. § 1.1031(k)-1(c)(4)(i)(B)
95% exception	Over the limits is still OK if the investor receives at least 95% of the value of everything identified	Reg. § 1.1031(k)-1(c)(4)(ii)(B)
Description	Unambiguous: legal description, street address or distinguishable name	Reg. § 1.1031(k)-1(c)(3)
Revocation	Allowed before the 45 days end, in a signed writing sent to the same person	Reg. § 1.1031(k)-1(c)(6)

Identify too many and fail the exceptions, and the regulation treats the investor as having identified nothing.

Who can be the qualified intermediary?

A qualified intermediary is a person who isn't the investor or a disqualified person and who, under a written exchange agreement, acquires the relinquished property and transfers the replacement property. The agreement must expressly limit the investor's rights to the exchange funds (Reg. § 1.1031(k)-1(g)(4)).

Disqualified persons include anyone who acted as the investor's employee, attorney, accountant, investment banker, broker or real estate agent or broker within the two years before the transfer, plus certain related persons. Routine title insurance, escrow or trust services from a title or escrow company don't disqualify it (§ 1.1031(k)-1(k)). So the investor's own agent can't act as the QI, and under the exchange agreement the sale proceeds go to the QI, not the investor.

Do 1031 deadlines move for weekends, holidays or disasters?

No for weekends and holidays: the periods are counted in calendar days and end at midnight on day 45 and day 180, with no rule moving them to the next business day. Disasters are the exception. Under section 17 of Rev. Proc. 2018-58, when the IRS announces relief for a federally declared disaster, deadlines falling on or after the disaster date can be postponed by 120 days or to the end of the announced relief period, whichever is later, but never past the return due date (with extensions) or one year. The investor must qualify, for example as an affected taxpayer or because the property or a party is in the covered area. Check the IRS notice for that specific disaster.

What does a TC track on a 1031 exchange file?

A TC on either side of an exchange tracks the dates and the paper, while the QI and tax adviser handle the exchange itself:

The QI's name and contact, and confirmation the exchange agreement is signed before the sale closes.
The actual transfer date once the sale records or funds, since it's day 0.
Day 45 and the earlier of day 180 or the return due date, as the adviser confirms it.
The signed identification letter and who received it, before day 45.
The replacement contract's closing date against the exchange deadline, with buffer.
Form 8824 is filed with the return for the year of the transfer; the IRS also requires it for the 2 years after a related-party exchange.

In Closingbird, deadlines count from acceptance or closing of the file they're on. A 1031 date depends on the relinquished property's actual transfer date (which may be another file) and on a tax return date, so set it as a fixed date for day 45 and the exchange deadline on every file in the exchange, and update them if the transfer date changes. Each owner gets a morning reminder. More on why the counting method matters: calendar days vs business days.

Frequently asked questions

Does the 45-day period include weekends and holidays?

Yes. It counts calendar days and ends at midnight on the 45th day after the transfer. If day 45 is a Sunday, it stays a Sunday.

Do the 45 days and 180 days run at the same time?

Yes. Both start on the day the relinquished property transfers, so the 180-day period includes the 45 days, not 180 days after them.

Can you get an extension on a 1031 exchange?

Not for ordinary delays. The only postponement is IRS relief for a federally declared disaster, under Rev. Proc. 2018-58 section 17. Extending the tax return only matters where the return due date would otherwise end the period before day 180.

How many properties can you identify in a 1031 exchange?

Up to three of any value, or more if their total value is no more than 200% of the relinquished property's value. Above that, the 95% exception applies only if you acquire at least 95% of the total value identified.

Can my real estate agent be my qualified intermediary?

No. Anyone who acted as your real estate agent or broker within the two years before the transfer is a disqualified person under the regulation.

What happens if you miss the 45-day deadline?

Property not identified on time doesn't qualify as like-kind replacement property, so the exchange generally fails and the gain may be taxable. Ask the investor's tax adviser.

Run it in Closingbird

Put day 45 and the exchange deadline on both the sale and the purchase file as fixed dates, with a morning reminder to whoever owns them. Start a free trial (14-day free trial, no credit card required) or see pricing.

Sources

Checked in October 2026. Rules and prices change, and many vary by state, so confirm with the source, your state's real estate commission or your broker before you rely on them.

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