1031 Myths #11 - Extensions Can Be Granted for 1031 Timelines
1031 Exchanges are an excellent strategy for creating generational wealth, but there are timelines for identifying and closing on replacement properties.
Is it possible to request extensions if more time is needed?
The answer is NO!. The 45-day identification timeline and 180-day closing timeline are firm even if the last day falls on a weekend or holiday.
But, there is one exception; extensions can be granted if either the relinquished or replacement property or the office of the Qualified Intermediary is within a disaster zone as declared by the President of The United States.