There’s really two timelines that a taxpayer has to be aware of in a 1031 transaction.
First, you have to identify up to three properties that you’re interested in buying as a replacement within 45 days, and you have to close on one of those properties within 180 days.
So for example, suppose you sold an apartment building on January 1st.
The IRS says – within 45 days of the sale, you have to identify up to 3 properties that you’re interested in buying, and actually close on one of those within 180 days after the sale.