Pregunta
Question \#3 of 15 Using a delayed exchange, a person can relinquish his property and must identify the property to be received in the exchange within 60 days. True False
Ask by Clarke Huang. in the United States
Mar 10,2025
Solución de inteligencia artificial de Upstudy
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The statement is false because, in a delayed exchange, the identification of the replacement property must be made within 45 days, not 60 days.
Solución
1. In a delayed exchange (also known as a 1031 exchange), the taxpayer must identify the replacement property within \(45\) days, not \(60\) days, from the date of the sale of the relinquished property.
2. Since the question states that the identification must be made within \(60\) days, the statement provided is incorrect.
False
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Simplifique esta solución Beyond the Answer
In a delayed exchange, the relinquishing party indeed has a timeline for identifying the replacement property, which is 45 days, not 60. This key detail is crucial to understand when navigating such transactions. If the property isn't identified within this time frame, the exchange may not be valid for tax deferments under IRS guidelines. Furthermore, a successful delayed exchange often hinges on adhering to the strict timelines set by the IRS—like the 180 days to complete the purchase of the identified property. Failing to meet these deadlines can lead to significant tax consequences! So, timing is everything!
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