A delayed exchange happens when the taxpayer closes on the sale of their relinquished property on one date and then acquires a replacement property from a seller at a later date. A taxpayer has a maximum of 180 calendar days, or their tax filing date, whichever is earlier, to complete their exchange.  This is called the “Exchange Period”.  In addition, the taxpayer must identify their potential replacement property or properties by midnight of the 45th day after closing on the sale of their relinquished property. This is called the “Identification Period” and the 45 days are inclusive within the 180-day Exchange Period. Read the full article, The Delayed Exchange.