Interview with California Investor & Landlord: Michael Zuber
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You can also find out more about Michael at his website, Wealthbuildingpro.
Delayed exchange rules in part:
Once you close escrow on property you’re relinquishing, the following rules apply as it relates to time periods. All time clocks begin at closing of the relinquished property escrow. (The relinquished property is the one you’re tradin’ out of.)
1 – Must ‘identify’ property(s) to be acquired, often called ‘uplegs’, within 45 days. Your intermediary will have the proper forms, etc.
2 – Must close property within 180 days. IRS counts holidays, weekends as days.
WARNING: If you close your ‘relinquished’ property such that April 15th, tax filing day, comes before your 180 days are up — you MUST close on 4/15 or sooner. There’s an out though, so don’t have the heart attack I almost did almost 20 years ago when I personally ran into this. It’s solved by simply filing a timely extension. Once you’ve filed your on time extension, you may go ahead and close after 4/15, but on or before the original 180th day as originally planned.
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