1031 Exchange 180 Day Extension
I am have sold an investment property and identified another property within 45 days that I plan to exchange. My problem is that the property may not be completed within 180 days as it is new construction. Is there anyway to get an extension or do I have any avenues?
There is no extension provided. You have 180 calendar days to complete the exchange. If not, it becomes taxable.
The reverse exchange does not extend your deadline; it merely allows you to acquire your replacement property first and then you have the same 45 calendar days to identify the property that you intend to sell and 180 calendar days to complete the sale. The deadlines are the same.
[addsig]
wexeter,
I thought with the reverse exchange, that you were able to extend the purchasing deadline. Is that not accurate?