1031 Exchange too 3 Factors??

[Shawn Ackerman]

I had an investor contact me yesterday and ask what are the most important things to know about a 1031 E?   He is looking to pick up a 24-unit that I have available. I told him the two important dates are 1.identifying a property(90 days after close of the sale of his property) and 2. Closing on the new acquisition(180 days). What are the top 3 things to know about a 1031 E?  Asking for a friend😂😂👍🏾

[Ryan Thomas]

@Shawn Ackerman - The identification period is only 45 days from the date the relinquished property is sold. You are correct that the entire exchange is 180 days.

An important thing to remember is that the underlying tax owner on the relinquished property needs to remain the underlying tax owner on the replacement property.