You/the exchanger/taxpayer must either acquire or identify the replacement property within 45 days after the sale of the relinquished property.

The replacement property must be identified in a written document, signed by the exchanger, and received by the QI before midnight on the 45th day or sooner.

If the exchanger ID’s the replacement property within the period, the exchanger has the remaining days (180 minus the ID period of 45 days or less) to acquire the replacement property.

The timeline for a reverse exchange is the same. The taxpayer buys the replacement property first and then has 45 days to identify a property to sell. After the identification period, the taxpayer has 135 days to sell and close on their relinquished property.