45-Day Identification Period
The 45-day identification period is the window in a 1031 exchange during which the investor must formally identify potential replacement properties in writing.
Definition
The 45-day identification period is the first deadline in a 1031 exchange. Within 45 calendar days of selling the relinquished property, the investor must identify candidate replacement properties in a signed written notice delivered to the qualified intermediary.
Identification follows one of three rules. The three-property rule lets you name up to three properties of any value. The 200% rule lets you name more than three as long as their combined value does not exceed 200% of what you sold. The 95% rule allows naming any number if you acquire at least 95% of the total value identified.
The deadline is strict, 45 calendar days including weekends and holidays, with no extensions outside federal disaster relief. Because the clock is unforgiving, DSTs are frequently listed as backup identifications: they are readily available and can close fast if a primary target falls through.
Key points
- 45 calendar days from sale to identify replacement property in writing
- Three-property rule: up to three properties of any value
- 200% rule: unlimited properties up to 200% of sale value
- Identification must be signed and delivered to the qualified intermediary
Related terms
Jerry Baker founded Baker 1031 Investments to help exchange investors move from active property ownership into passive, institutional-quality real estate through DST, 721 exchange, mineral royalty, and Opportunity Zone strategies. He holds the FINRA Series 22 and Series 63 registrations and the Securities Industry Essentials (SIE) qualification. Read full bio →
Reviewed by the Aurora Securities, Inc. compliance team — Aurora Securities, Inc., member FINRA/SIPC. Last reviewed July 2026. Securities are offered through Aurora Securities, Inc.; Baker 1031 Investments, LLC is independent of Aurora Securities, Inc.
This glossary entry is educational and is not investment, tax, or legal advice, or an offer to sell or a solicitation to buy any security. Definitions are general and may not reflect your specific circumstances — consult your own CPA and attorney. Past performance does not guarantee future results.