replacement property
- A property bought by an investor with the proceeds from the previous property's sale in a 1031 exchange, within specific IRS-regulated timeframes
- After the sale of his commercial building, Jim acquired another one as his replacement property to defer taxes.
- For the 1031 exchange to be valid, the replacement property must be identified within 45 days.
- She closed the sale on the replacement property within the 180 day limit set by the IRS.
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