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The NYC Property Owner’s
1031 Transition Checklist

Ready to sell an investment property—but not ready to step away from real estate? A carefully planned Section 1031 exchange may let you reposition qualifying real estate while deferring certain federal taxes on gain. The right preparation begins before your sale closes.

A practical guide for owners in Manhattan, Brooklyn, Queens and beyond · Updated October 2026

45 days Identify replacement property

After transferring the property you are selling, submit a timely, properly signed written identification to an authorized recipient.

180 days Receive replacement property

Complete the exchange by day 180, or the applicable federal income-tax return due date (including extensions), whichever comes first.

The 45-day and exchange-period clocks generally begin when the relinquished property transfers—not when you sign the sale contract. Deadlines usually run in calendar days. Ask your exchange professionals to confirm your exact dates and any special relief.

Your step-by-step checklist

Check off each item as you prepare. This checklist is educational; your tax and legal professionals must determine what applies to your transaction.

01 / Before you list

Start with the tax picture

02 / Before your sale closes

Build the exchange team

03 / Within 45 days after transfer

Identify carefully

04 / Complete and document

Close with a paper trail

Know the boundaries.

Section 1031 generally applies to qualifying U.S. real property held for investment or business use. A personal home or property primarily held for sale ordinarily does not qualify. Tax is potentially deferred, not erased.

Official resources: IRS Publication 544 · Form 8824 instructions · Treasury DST guidance

What should your property make possible next?

Let's explore NYC investment-property choices and the questions to bring to your CPA, attorney and qualified intermediary.

Sydney Harewood · Licensed Real Estate Salesperson · FIND Real Estate LLC

Discuss your property with Syd · 646-535-3819

Educational resource only. NYC Exclusive Apartments and Sydney Harewood provide real-estate information, not tax, legal or investment advice. Section 1031 eligibility and deadlines depend on your facts. Confirm all exchange details with your own qualified intermediary, CPA and attorney before acting. No tax outcome is guaranteed.