How the deadlines work
Both clocks start on the day your sale closes and run at the same time — the 180 days are not added after the 45. If you use all 45 days to pick a property, you have 135 days left to close on it.
- Day 45 — identification. You must name your replacement property (or a short list of candidates) in a signed letter to your qualified intermediary. The identification rules limit how many properties you can list.
- Day 180 — purchase. You must own the new property by day 180 or by the due date of your tax return for the year you sold, whichever comes first. Sell late in the year and you may need to file a tax extension to get your full 180 days.