ANSWER:
From the date the “old property” is traded, Seller has 45 days to identify the new property, and 180 days from the initial trade to acquire the identified property.

However, the replacement period might be cut short if the trade takes place at the end of a year, as the replacement period terminates with the filing of the Seller’s Tax Return.

If you start a §1031 near the end of a year, and have not yet completed your §1031 transaction, DO NOT FILE YOUR 1040 until you complete the §1031. You must get an extension of time to file (automatically granted by filing IRS Form 4868). When you file your 1040, your replacement period ends; even if your 180 day period is still open. If you have not completed the acquisition, you then get to pay tax on the sale of old property.

For more information about §1031, see §1031
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