Finance
A Florida property qualifies for a 1031 tax-deferred exchange. The investor must identify replacement property within how many days of selling the relinquished property?
A30 days
B45 days✓ Correct
C60 days
D90 days
Explanation
Under IRS Section 1031 rules, after selling the relinquished property, the taxpayer has exactly 45 calendar days to identify potential replacement properties and 180 calendar days to close on the replacement property. These deadlines are strict — missing either deadline disqualifies the exchange and makes the gain taxable.
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