2 Effective Identification Rules That You Can Apply to 1031 Exchanges
To accomplish a 1031 exchange successfully you must have a clear understanding and also comply with all the major 1031 exchange identification rules. You may think of the rule to be complicated, but that is not the case. That said, being unable to follow the rules may completely ruin your exchange plan. In this blog post, we talk about the two most important rules that you should be aware of while identifying a 1031 replacement property in Utah or elsewhere for an exchange. Deadline and General Rules: The taxpayer gets up to 45 days right from the date the surrendered (relinquished) property inches closer to identifying the property that he or she intends to obtain by the way of exchange. If there are multiple properties that need to be relinquished in the process, the 45 days can be measured right from the date of the closure of the very first relinquished property. The property that has been identified in the exchange does not need to be under the influence of a contract. Also, the