Replacement must be "like-kind" — broadly interpreted for real estate. A rental house can exchange for a commercial building, raw land for an apartment. Both must be U.S. real property held for investment or business.

To fully defer all taxes, acquire property of equal or greater value and reinvest all equity. Trading down triggers tax on the difference (boot).

Exactly 45 calendar days from closing to identify replacements in writing. No extensions — not for weekends, holidays, or illness.

Must close within 180 days of relinquished sale — or by the tax return due date, whichever is earlier. Filing an extension preserves the full 180 days.

Identify: (1) Up to 3 properties any value, OR (2) Any number ≤200% of relinquished value, OR (3) Unlimited properties if you close on ≥95% of total identified value.

IRS mandates a QI hold exchange funds. You cannot receive, pledge, borrow, or benefit from proceeds at any point — doing so triggers immediate tax on the entire gain.

The entity selling must be the entity buying. Sell as an individual, buy as an individual. Mid-exchange entity changes can invalidate the exchange.

No IRS-mandated minimum, but most advisors recommend 1–2+ years to demonstrate investment intent. Quick resales after an exchange invite IRS scrutiny.