Can I change properties?

Jan 28, 2018 1 Replies
J

I am doing a 1031 Exch Rec1031 Exch



My accountant says the I do not have to buy ( replacement property) any of the 3 properties identified in the 45 day period.



He says as long as I buy any property within the 180 days after the sale of my property (relinquished property) I should be fine as long as the purchase price of the replacement property is equal or greater than the price of the relinquished property?



Is this correct?



I always understood that the replacement property has to be one of the 3 properties identified within the 45 days.



Thanks in advance for your input


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S

You're right and your accountant is wr "For purposes of this subsection, any property received by the taxpayer shall be treated as property which is not like-kind property if? (A) such property is not identified as property to be received in the exchange on or before the day which is 45 days after the date on which the taxpayer transfers the property relinquished in the exchange,..."

If the property you buy isn't on the list of identified properties, it won't qualify for the tax-deferred exchange.

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