Confirm the transfer date first
The identification period starts on the date that the taxpayer transfers the relinquished property. The period ends 45 days after that date.
The ordinary period uses calendar days. A weekend or holiday does not automatically move the deadline.
Call the Qualified Intermediary if the deadline is close. Also contact the taxpayer's tax advisor and attorney.
What the written identification needs
The taxpayer must sign the written identification. The document must describe each replacement property in a clear and recognizable manner.
A street address or legal description can identify real property. A distinguishable property name can also apply.
The taxpayer must send the identification to a recipient permitted by the federal rules no later than the end of the period.
Ask the Qualified Intermediary and tax advisor to confirm the permitted recipient.
Review the selected identification method
Federal rules generally permit these methods:
- Identify a maximum of three properties without regard to value.
- Identify more properties with a total value of no more than 200 percent of relinquished-property value.
- Receive enough identified value to meet the 95-percent rule.
The 95-percent rule is not a simple backup list. Ask a tax advisor to review all value and receipt requirements.
What the exchange team can review
The exchange team can review its document format, delivery path, exchange dates, and file records. The team can also confirm receipt of a document.
The exchange team does not select property. It does not give investment, valuation, tax, or legal advice.
Do these actions now
- Confirm the relinquished-property transfer date.
- Confirm the end date of the identification period.
- List all candidate replacement properties.
- Get the current value data for each candidate.
- Ask the tax advisor to review the selected method.
- Prepare the signed written identification.
- Deliver the document through the approved path.
- Keep written proof of timely delivery.
Can I change my identification?
You can revoke a written identification before the period ends. The written revocation must satisfy the applicable delivery rules.
Can I identify property after day 45?
The ordinary federal rule does not permit a late identification. Special disaster relief can apply to an eligible taxpayer.
Can the Qualified Intermediary extend the deadline?
No. The Qualified Intermediary cannot change the federal identification period.
What if I received replacement property before day 45?
Federal rules treat property received during the identification period as identified. Ask the tax advisor to review the complete transaction.
Confirm the written process
Call 888-747-1031 if the deadline is close. Do not use a website message as the only delivery method.
This page gives general information. It does not give tax, legal, investment, valuation, real estate, or financial advice.