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

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!