onezero3one Start an exchange Contact

Checklist

The 1031 exchange checklist: who does what, and when.

Three stages. Every step is marked with who is responsible for it: you, your qualified intermediary, your tax advisor, your attorney or your closing agent. Free to read and print, with no email needed.

Updated September 30, 2026 · Approved for publication by onezero3one on September 30, 2026

Everything in the first stage has to be done before the sale closes: an exchange cannot be set up afterward. The second and third stages run on two fixed deadlines, day 45 and day 180, counted from the day the property you sell transfers.

Who You Qualified intermediary Tax advisor Attorney Closing agent

1. Before the sale closes

  • Confirm that the property is held for investment or business use, and that an exchange suits you. Tax advisor
  • Confirm who the taxpayer is and how title is held. The same taxpayer that sells must buy. Tax advisor Attorney
  • Choose a qualified intermediary and get the fee in writing. It cannot be someone who has acted as your agent, such as your attorney, accountant or broker, in the past two years. You
  • Tell your broker and closing agent that the sale is part of an exchange, and add an exchange cooperation clause to the sale contract. You Attorney
  • Sign the exchange agreement and the assignment of your rights in the sale contract. You Qualified intermediary
  • Written notice of the assignment reaches the buyer on or before the closing date. Qualified intermediary
  • The closing agent has written instructions to pay the net proceeds to the intermediary. Wire instructions are confirmed by telephone, using a number already on file. Qualified intermediary Closing agent
  • Check the settlement statement: the proceeds go to the intermediary, and nothing is paid or credited to you from them. You Closing agent
  • Decide before closing, in writing, about any cash you will take out. It is taxable. You Tax advisor
  • File any state withholding or residency form the state requires at the deed. The state pages list them. Closing agent

2. During the identification period (days 1 to 45)

  • Mark day 45 and day 180 on your calendar. Both are counted from the day the property transferred, and weekends and holidays count. The deadline calculator gives the dates. You
  • Identify replacement property in a signed writing that describes each property unambiguously, by street address or legal description. You
  • Deliver it by midnight of day 45 to the recipient named in your exchange agreement, usually the intermediary. You Qualified intermediary
  • Stay within the three-property rule or the 200 percent rule. See the identification rules. You Tax advisor
  • To change the list, revoke it in writing and identify again before day 45 ends. You
  • Leave the exchange funds with the intermediary. You cannot receive, pledge or borrow against them while the exchange is open. You
  • If the sale closed late in the year, ask about extending your tax return. Without an extension, the return’s due date can end the exchange before day 180. Tax advisor

3. Before acquiring replacement property (by day 180)

  • Put the identified property under contract in the name of the taxpayer that sold, with an exchange cooperation clause. You Attorney
  • Compare the purchase with the sale. To defer all of the gain you generally need to buy property worth at least what you sold, reinvest all of the proceeds, and replace the debt paid off or add cash. Tax advisor
  • Assign the purchase contract to the intermediary, with written notice to the seller. Qualified intermediary
  • Tell your lender about the exchange and the intermediary’s part in the closing. You
  • The intermediary wires the exchange funds straight to the closing. Wire instructions are confirmed by telephone first. Qualified intermediary Closing agent
  • Take title in the name of the taxpayer that sold, or that taxpayer’s disregarded entity. You Closing agent
  • Close by day 180, or by the due date of your tax return for the year of the sale, including extensions, if that comes first. You

Afterwards

Keep both settlement statements, the identification and the intermediary’s statement of the exchange. Your tax advisor reports the exchange on Form 8824 with the return for the year the property was sold. The full chronological guide covers each step in more detail, and the exchange preparation sheet adds the items for your states.

This checklist summarizes federal requirements for general information. It is not tax or legal advice, and the forms a particular intermediary uses will differ.

Related

Sources