clarification on 45-day replacement property
Next year my parents plan to sell two of their rental condos and exchange for a single family home that they will rent out to me. I have a question on the 45-day replacement properties. Are my parents obligated to only buy one of those 3 properties?
1) Say it is day 50 and we failed to buy the homes. Can we continue to search for other properties and complete the exchange?
2) If not, say it is day 30 and we failed to buy the homes. Can we continue to search for other properties up to day 45?
Most Popular Reply
On question 1) No. Once you hit the 45 day mark, your ID form is locked. 2) Yes. You can change your ID form as many times as you want before the 45 day deadline.