Although a taxpayer can identify more than one replacement property, the maximum number of properties that can be identified is limited to one of the following three rules: 1) Three replacement properties without regard to their fair market value (the “3 Property Rule”);  2) The value does not exceed 200% of the aggregate fair value of all relinquished properties (the “200 Rule”); and 3) Any number of replacement properties without regard to the combined fair market value, as long as the properties acquired amount to at least 95% of the fair market value of all identified properties (the “95% Rule”). Read the full article, Identification Rules.