DEFERRED EXCHANGES
When the relinquished property is transferred to the buyer, the taxpayer has often not yet chosen the new property he or she wants to acquire as a replacement. When that is the case, a deferred exchange is necessary. The taxpayer has 45 days to identify the replacement property. The transfer of the replacement property must close within 485 days of the transfer of the relinquished property.

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The information on this website is an educational resource only, and not intended as legal, accounting, or tax advice of any kind.
It is recommended that you consult with your own attorney or tax advisor for details before choosing to engage in a 4534 Exchange