How Long Do I Have to Find Another House With a 1031?
The 45-day and 180-day rules, explained simply, and why they’re tighter than they sound for Miami condos.
THE SHORT ANSWER
You have 45 days from the day your sale closes to identify replacement properties in writing, and 180 days from that same day to close on one. Both clocks start together and run at the same time.
One catch first: the replacement has to be an investment property. A 1031 exchange doesn’t work for a home you plan to live in.
The Timeline at a Glance
Example: your current property closes on October 1, 2026.
Oct 1, 2026: Sale closes
Proceeds go straight to your qualified intermediary, and both clocks start.
Nov 15, 2026: Identification deadline
Your list of possible properties must be in writing, signed, and delivered to your qualified intermediary.
Mar 30, 2027: Closing deadline
You must close on one or more of the properties you identified. The deadline is day 180 or your tax return due date for that year, whichever comes first.
Both counts use calendar days, including weekends and holidays. The IRS grants no extensions, except in rare federally declared disaster cases.
The Year-End Trap
If you sell late in the year, day 180 can land after April 15. A December 1, 2026 sale gives you until May 30, 2027 on paper. But if you file your 2026 return on time without an extension, your deadline drops to April 15. Talk to your CPA about filing an extension.
How Many Properties Can You Identify?
- ✓Three-property rule: identify up to three properties at any price. This is what most investors use.
- ✓200% rule: identify any number of properties, as long as their combined value is no more than 200% of what you sold.
- ✓95% rule: identify any number at any total value, but you then have to close on at least 95% of that value.
Why 45 Days Is Tight for Miami Condos
With a condo, you’re vetting the building as well as the unit. Before you identify a replacement, you need answers to three questions:
- Can you finance it? Non-warrantable buildings limit your lender options, and condo questionnaires can take weeks to come back.
- Is the building financially healthy? Low reserves can mean special assessments that cut into your return. See what Florida requires for condo reserves and our SIRS report red flags.
- Can you actually rent it out? Some buildings have leasing waiting periods of a year or two. See rental restrictions.
Tip: Start vetting buildings before you list your current property, and use all three identification slots.
Common Mistakes
- ⚠️Touching the sale proceeds. The money has to go straight to a qualified intermediary. Taking it yourself, even briefly, can disqualify the exchange.
- ⚠️Identifying only one property. If that deal falls apart on day 60, there’s no backup.
- ⚠️Buying down in value or debt. Cash you keep, or a drop in mortgage debt, can be taxed as “boot.”
Frequently Asked Questions
Can the 1031 deadlines be extended?
Generally no. The only exception is IRS relief tied to federally declared disasters.
Does Florida tax capital gains?
No. Florida has no state income tax, so for Florida residents a 1031 exchange is mainly about deferring federal capital gains tax and depreciation recapture.
Can I identify a pre-construction condo?
You can, but you still have to close within 180 days, and most pre-construction timelines run much longer than that.
Related Reading
Start with the full 1031 exchange guide for condo investors, then run the numbers with our rental yield guide. Before identifying a building, check its leasing rules, whether it’s warrantable, whether it has to fund reserves, and what its SIRS report shows. Thinking about new construction? See our pre-construction condo guide.
This article is general information, not tax or legal advice. Work with a CPA and a qualified intermediary before starting an exchange.
Planning a 1031 Exchange Into a Miami Condo?
Read the full guide, then reach out and we’ll start vetting replacement buildings before your 45-day clock starts.
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