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YEAR-END TAX TIP: DO YOU NEED TO CLOSE YOUR 1031 EXCHANGE?
April 02, 2008
One of the nastier land mines in the like-kind exchange rules is the deadline for closing on a purchase in a deferred swap. When you have a deferred exchange, Section 1031 gives you 45 days to identify the property you want to receive in the swap. The deadline for actually closing on the replacement property is the sooner of
- 180 days after giving up the property, or
- The due date (including extensions) for the tax return for the year.
This means if you entered into an exchange after October 18, 2007, you need to either close on your replacement property by April 15 or extend your return.
This is part of our daily series of 2008 filing season tips running through April 15. Don't miss a single exciting installment!
• 2008 Filing Season Tip Bookmark: del.icio.us • Digg • reddit
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Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not neccesarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to
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