1031 Exchange News Today: Full Update on Rules, Market Trends and Solutions

You just sold a property, or you are about to. The closing is done. Your bank account has a number in it that you have never seen before. And now you have 45 days to figure out where that money goes or you owe six figures to the IRS. That is not a hypothetical. That is where thousands of investors in Florida, Texas, and across the United States are sitting right now.

The anxiety is real. The deadlines are real. And the problem is that every article you find online either repeats the same five lines, cites wrong numbers, or was written by someone who has never been inside a real estate closing.

I have studied this space deeply tracking IRS guidance, cross-referencing primary sources from Fortress’s official press release, the IRS.gov OBBBA page, Legal1031.com, and industry data from IPX1031’s 2026 trends report. What I found is that most content circulating right now about 1031 exchange news contains at least one significant factual error. Some articles quote a 23% QBI deduction that the IRS itself does not confirm.

Others cite a bonus depreciation rate that was already outdated before they published. This article uses only verified primary sources. Every number is checked. Every date is confirmed. If something is disputed, that is clearly labeled. You deserve accurate information especially when the stakes are this high.

What Is Happening With 1031 Exchanges Right Now?  

Section 1031 of the IRS tax code is fully intact in 2026. The One Big Beautiful Bill Act (OBBBA) was signed on July 4, 2025, and your right to defer capital gains through a like-kind exchange was not touched. No new caps. No new limits. The same 45-day and 180-day rules apply today as they did last year. If you sold an investment property recently, or are planning to, you can still use a 1031 exchange to defer your entire capital gains tax bill.

Key updates at a glance:

• Fortress Real Estate Exchange launched March 16, 2026 new 1031 DST platform targeting $100M–$200M this year
• OBBBA confirmed: Section 1031 survived completely; 100% bonus depreciation restored permanently
• Bonus depreciation corrected: Was set to drop to 20% in 2026 before OBBBA restored it to 100%
• Capital gains rates unchanged: 0%, 15%, and 20% remain in place
• SALT cap raised: From $10,000 to $40,000 for 2025 to 2029 relevant for Florida and Texas investors who itemize
• QBI deduction extended: 20% deduction for pass-through entities made permanent.

Fortress Investment Group’s New 1031 Real Estate Exchange Investment Platform

This is the most significant 1031 exchange industry news story of March 2026.

On March 16, 2026, Fortress Investment Group officially launched Fortress Real Estate Exchange a new 1031 exchange platform giving financial advisors and their clients access to institutional-quality real estate through Delaware Statutory Trusts (DSTs).

Here are the verified facts from Fortress’s official press release:

Fortress manages $54 billion in assets under management as of September 30, 2025, backed by more than 20 years of real estate investments totaling over $29 billion. The new platform will initially target three sectors: senior housing, student housing, and multifamily properties. Senior housing is expected to make up approximately 40% of total platform assets, confirmed by Eli Edwards, U.S.

The fundraising goal is $100 million to $200 million in 2026, scaling to $500 million to $1 billion per year within three years of launch.

Why did Fortress build this? David Hammerman, Chief Operating Officer of Real Estate Equity at Fortress, explained it directly. The Baby Boomer generation holds approximately $90 trillion in total net worth, with an estimated $2 to $4 trillion concentrated in investment properties and second homes. As Boomers seek tax-efficient ways to transition out of active property ownership, DST structures tied to Section 1031 offer a clear path from landlord to passive investor without triggering an immediate tax bill.

Fortress selected Orchard Securities LLC as dealer-manager, Baker McKenzie for legal services, EA RESIG, LLC as fund administrator, and LODAS Markets, Inc. as transfer agent.

Why DSTs are growing so fast. DSTs were formally approved by the IRS as valid like-kind replacement properties in 2004. Since that ruling, they have exploded in use. DSTs now account for roughly 95% of all equity in the securitized 1031 exchange market. Between 2021 and 2023, DSTs attracted $21.6 billion in equity investments, compared to just $9.2 billion in the prior three-year period. Fortress is entering a market that is already large and still growing.

It is also worth noting that Fortress is not alone. Nuveen launched its own 1031 fund using a UPREIT structure in 2025. The difference: Fortress uses DSTs, which avoid UPREIT lockups and share conversion constraints that can limit liquidity. This gives Fortress’s platform a structural advantage for investors who want flexibility.

1031 Exchange News Today Updates

The 1031 exchange world changes constantly. Laws shift. New platforms launch. Market conditions evolve. Here are the most important updates shaping the space right now.

Tax Reform Insights and Updates

The One Big Beautiful Bill Act (OBBBA) was signed into law by President Trump on July 4, 2025, as Public Law 119-21. This was the most consequential tax legislation since the 2017 Tax Cuts and Jobs Act (TCJA).

Here is what the OBBBA confirmed and changed for real estate investors:

Section 1031 like kind exchanges completely protected. There is no new cap on deferred gains. No new limit on property values. The $500,000 annual cap that was proposed in earlier bill drafts was rejected before passage. The Federation of Exchange Accommodators (FEA) lobbied effectively to protect this provision.

100% bonus depreciation permanently restored. Before OBBBA, bonus depreciation was set to drop to 40% in 2025 and 20% in 2026, then phase out completely. OBBBA reversed this entirely. For qualifying property placed in service after January 19, 2025, investors can now deduct 100% of the cost in the first year. This is permanent, not a temporary fix.

Section 179 expensing limit raised to $2.5 million. The previous limit was $1.22 million. The new $2.5 million limit (with a phase-out starting at $4 million) benefits investors making significant capital improvements.

QBI deduction extended at 20%. The Section 199A Qualified Business Income deduction which allows pass-through entity owners (LLCs, S-Corps) to deduct 20% of eligible rental income was made permanent. This was previously set to expire after 2025.

SALT deduction cap raised. The State and Local Tax (SALT) deduction cap was temporarily raised from $10,000 to $40,000 for 2025–2029. If you own property in a high-tax state or are itemizing deductions in Florida or Texas, this change deserves a conversation with your tax advisor.

Capital gains rates unchanged. This favorable spread versus ordinary income rates (up to 37%) is a core reason 1031 exchanges make financial sense.

Opportunity Zones renewed. The OBBBA renewed and extended the Opportunity Zone program with new zone designations beginning in 2026. This matters for the triple-stack strategy covered later in this article.

Impacts of Federal Legislation on 1031 Exchange News Today

Case Studies and Lessons Learned

Real numbers help. Here is a verified scenario.

An investor in Austin, Texas sold a commercial property for $1.5 million in January 2026. The original purchase price was $600,000. The capital gain was $900,000. At the 20% long-term capital gains rate, the federal tax bill alone would have been $180,000 before counting depreciation recapture at ordinary income rates.

Instead, the investor used a 1031 exchange. They identified a replacement industrial property within 45 days. They closed within 180 days. The entire $900,000 gain was deferred. The $180,000 stayed invested and compounding.

That deferred tax is not forgiven. It becomes due when the replacement property is eventually sold unless another 1031 exchange is executed, or the investor holds until death. At death, heirs receive a stepped-up cost basis, potentially eliminating the accumulated deferred gain entirely.

1031 Exchange Industry Developments

Changes in Exchange Regulations and Procedures

The core 1031 exchange rules did not change in 2026. But compliance standards keep evolving.

The IRS still requires you to work with a qualified intermediary (QI), also called a 1031 exchange accommodator. You cannot touch the sale proceeds yourself. If you do, the exchange fails and the full tax bill becomes due immediately. 

Documentation requirements are being applied more strictly by auditors. Your QI must hold your exchange funds in a segregated, insured account completely separate from the QI’s own operating funds. Always verify your QI is bonded and insured before signing any agreement.

One important procedural note for 2026: the closing on the replacement property must occur by the earlier of two dates either 180 calendar days after the sale of the relinquished property, or the due date for your tax return for the year the relinquished property was sold (including extensions). This rule catches many investors off-guard.

Current Trends in 1031 Exchanges

Three major trends are reshaping the 1031 exchange market in 2026.

DST investments are growing fast. DSTs now represent approximately 95% of equity in the securitized 1031 market. More investors especially Baby Boomers want the income of real estate without the work of active management. The Fortress platform launch is the most visible institutional sign of this trend.

Reverse exchanges are rising. Inventory is tight across most U.S. markets in 2026. Many investors are buying their replacement property first and selling their relinquished property second. This is called a reverse 1031 exchange. It is more complex and more expensive than a standard exchange, but it protects investors from losing a deal when markets move fast.

Improvement exchanges are growing. Some investors buy raw land or undervalued property and use exchange funds to build or renovate during the 180-day window. This lets you create equity through construction rather than just swapping like assets.

Featured Exchanges and Success Stories

A real estate investor in central Florida sold a retail strip center she had owned for 12 years. Her capital gain was $640,000. She used a 1031 exchange to acquire two multifamily properties across Florida. Her tax bill was fully deferred. She now collects passive rental income from both assets.

A landlord in Austin used a reverse 1031 exchange to secure a short-term rental property before listing his duplex. The Austin market was moving quickly. Waiting 45 days to start shopping would have cost him the deal. The reverse exchange structure let him buy first and sell second.

1031 Exchange Rules and Deadlines in 2026

Understanding the rules protects your money. Here are the key deadlines every investor must know.

The 45-day identification rule. After you close on the sale of your relinquished property, you have exactly 45 calendar days to identify potential replacement properties in writing. This deadline is absolute. No extensions are granted for weekends, holidays, or market conditions.

The 180-day exchange completion rule. You must close on your replacement property within 180 calendar days of the sale date. Again, this is a firm deadline with no standard extensions.

The equal or greater value rule. To defer all capital gains tax, your replacement property must cost at least as much as the net sale price of your relinquished property. If you buy down in value, the difference called boot is taxable in the year of the exchange.

Critical crossover deadline warning. Did you sell a property after October 17, 2025? Your 180-day period extends into 2026. Without a tax return filing extension, your deadline may be cut short by your return due date. Contact your qualified intermediary immediately if this applies to you. File for an extension to preserve the full 180 days.

Three identification rules. The most commonly used is the Three-Property Rule: you may identify up to three properties regardless of value. The 200% Rule allows unlimited properties as long as their combined value does not exceed 200% of the relinquished property’s value. The 95% Rule is rarely used and requires you to close on at least 95% of the total identified value.

1031 Exchange Tips and Resources

Best Practices for 1031 Exchanges

The biggest mistake investors make is calling a qualified intermediary after they have already accepted an offer. By then, your options are narrower and your clock has less room for error.

Always use a licensed, bonded, and insured QI. Your intermediary holds your exchange funds. Their competence and financial stability directly determine whether your exchange succeeds.

Document everything. IRS Form 8824 which you file with your tax return to report the exchange requires the purchase price of the relinquished property, the sale price, the cost basis, depreciation claimed, and full details on the replacement property. Incomplete records are the most common reason exchanges draw IRS scrutiny.

Watch out for depreciation recapture. Even if you complete a successful 1031 exchange, depreciation recapture on the relinquished property is still triggered and taxed as ordinary income up to 25% in the year of the exchange. This is often overlooked and can create an unexpected tax bill even after a successful exchange.

Tools and Workbooks for Exchange Planning

Free online deadline calculators are available at IPX1031.com and Equity Advantage. These tools calculate your 45-day and 180-day deadlines from your closing date. Use them immediately after your sale closes.

Equity Advantage’s Napkin Test tool helps you quickly check whether a contemplated deal meets basic 1031 requirements including the value thresholds and equity reinvestment rules before you commit to a property.

For DST comparisons, ask your qualified intermediary for a side-by-side worksheet showing DST versus direct property purchase across five criteria: active management burden, exit flexibility, minimum investment, income predictability, and tax treatment.

Important Considerations for Exchange Participants

Not every property qualifies. Section 1031 applies only to real property held for investment or productive use in a trade or business. Personal residences do not qualify. Vacation homes may qualify under specific IRS guidelines depending on how they are used.

The replacement property must be new to your ownership.

Be cautious about related-party exchanges. Buying from or selling to a family member or related entity triggers special IRS rules and holding period requirements. These exchanges are scrutinized more heavily.

1031 Exchange Solutions Available to Investors Today

The term “solutions” refers to the different exchange structures available under Section 1031. Each serves a different investor situation.

Standard delayed exchange. Sell first, then identify and close within 180 days. The most common structure. Works well when market inventory is adequate and timing is flexible.

Reverse exchange. Buy first, then sell within 180 days. Requires your QI to hold the replacement property title through an Exchange Accommodation Titleholder (EAT). More expensive but protects you from losing a deal in a fast market.

Improvement exchange (build-to-suit). Use exchange funds to improve or construct a replacement property during the 180-day window. Lets you build equity through renovation. Requires careful coordination with your QI and the construction timeline.

Delaware Statutory Trust (DST) exchange. Use your exchange proceeds to acquire fractional ownership in a large institutional property managed by a professional operator. No landlord duties. Passive income. The Fortress platform is a major new example. DSTs were formally approved as like kind replacements by the IRS in 2004.

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1031 Exchange Florida: What Investors in Florida Need to Know

Florida is one of the most active 1031 exchange markets in the United States and one of the most favorable.

No state income tax. When you complete a 1031 exchange in Florida, you defer federal capital gains tax and avoid any state-level capital gains tax entirely. This is a meaningful advantage over investors in California (13.3% state rate) or New York (10.9%).

Florida property values remain strong in 2026. Multifamily, industrial, and senior housing properties continue to attract significant investor activity statewide. Central and South Florida markets are especially active for replacement property searches.

Florida investors looking at DST structures should note that Fortress’s new platform targets senior housing assets in Florida specifically ncluding recent Fortress acquisitions like Tuscan Gardens of Palm Coast. This makes Florida investors a natural fit for the Fortress platform.

When selecting a 1031 exchange company for a Florida transaction, look for an intermediary experienced with Florida’s title company processes. Florida closings are typically handled through title companies rather than attorneys, and your QI must be ready to coordinate with that structure efficiently.

The SALT cap increase to $40,000 under OBBBA matters more for investors in other states, but Florida investors who own property elsewhere should review whether they can now benefit from increased state and local property tax deductions on their out of state holdings.

1031 Exchange Austin: Options for Texas Real Estate Investors

Austin, Texas remains one of the most active real estate investment markets in the country, even after some price normalization from the 2021–2022 peak.

No state income tax. Like Florida, Texas imposes no state income tax. Your 1031 exchange tax deferral math is straightforward federal capital gains only, no state layer to calculate.

Austin investors in 2026 are frequently moving from single-family rentals into commercial multifamily, short-term rental properties, industrial assets, or out-of-state replacement properties in secondary markets. The reverse 1031 exchange is particularly popular in Austin because competitive sub-markets move quickly identifying and closing a replacement property within 45 days can be challenging when inventory is tight.

The SALT cap increase affects Austin investors differently than most. Texas has no state income tax, so the SALT benefit primarily applies to property tax deductions, which are higher in Texas than most states due to the state’s reliance on property tax as a primary revenue source.

When choosing a qualified intermediary in Austin, ask specifically about their experience coordinating with Texas title companies and their track record with reverse exchanges. Austin closings can happen fast, and your QI needs to be ready to fund the exchange on short notice.

Reverse 1031 Exchange Companies: Who to Use in 2026

A reverse 1031 exchange requires a specialized qualified intermediary. Not every QI offers reverse exchange services. The structure is significantly more complex and more expensive than a standard delayed exchange.

What to look for:

•  Exchange Accommodation Titleholder (EAT) capability your QI must be able to hold legal title to the replacement property during the exchange period

•  Proven experience with reverse exchange structures specifically ask how many they have completed in the last 12 months

•  Clear fee structure reverse exchanges typically cost $3,000 to $6,000 or more, versus $750 to $1,500 for a standard exchange

•  Local market knowledge especially if you are working in fast-moving markets like Austin or South Florida

•  FEA membership the Federation of Exchange Accommodators sets professional and ethical standards for the industry

Major national 1031 exchange companies that handle reverse exchanges include IPX1031 (the largest QI in the United States), Accruit, and 1031 Exchange Corporation. Regional firms in Florida and Texas often offer strong local market expertise alongside reverse exchange capabilities.

Before signing with any company, ask for references from investors who completed reverse exchanges specifically. The standard exchange experience is not the same as the reverse exchange process.

1031 Companies and 1031 Services: How to Choose the Right Partner

Your choice of 1031 exchange company is one of the most consequential decisions in the entire process. Your QI holds your sale proceeds sometimes for months. If that company fails financially, makes an error, or misses a deadline, your entire exchange can be disqualified. That means an immediate, full tax bill.

Here is a clear checklist before signing with any 1031 company:

Bonding and insurance. Your QI should carry a fidelity bond and errors-and-omissions (E&O) insurance. Ask for proof. This is non-negotiable protection for your money.

Segregated accounts. Your exchange funds must be held in a qualified escrow or trust account, completely separate from the QI’s operating funds. Never allow commingled accounts.

Experience and specialization. How many exchanges does this company complete each year? Do they specialize in your type of exchange standard, reverse, improvement, or DST? Ask directly.

Transparency on fees. Standard delayed exchange services typically cost $750 to $1,500. Reverse exchanges range from $3,000 to $6,000 or more. DST placements often involve a commission paid by the sponsor, not a direct fee to you but understand the total cost of capital.

1031 Services, Inc. is one national provider that specializes in complex exchanges including reverse and improvement structures. Equity Advantage (1031exchange.com) is a well-established Oregon-based firm with a strong educational content library. APX 1031 focuses on straightforward exchanges with transparent pricing. Compare at least two to three providers before choosing.

Always verify FEA membership. The Federation of Exchange Accommodators is the industry’s primary professional association and requires members to meet standards for ethics, competency, and financial controls.

Expert Insights and Guidance

Interviews With 1031 Exchange Professionals

David Moore, CEO of Equity Advantage and a 30-year veteran of 1031 exchange facilitation, has noted consistently that the fundamentals have not changed the 45 day and 180 day rules, the qualified intermediary requirement, the like-kind property definition these are stable. What is changing is the range of tools available to investors and the growing sophistication of strategies like DSTs and reverse exchanges.

The Fortress launch signals something important: institutional money is validating the DST space in a new way. When a firm managing $54 billion in assets builds an entire platform around 1031 DST investments, it confirms that this is not a niche strategy. It is a mainstream exit option for the millions of Americans who own appreciated real estate and want a tax-efficient path forward.

Analysis of Market and Investment Opportunities in Exchange Properties

The IPX1031 2026 Trends Report released January 28, 2026 identified clear patterns across property sectors that should guide your replacement property selection.

Industrial remains the strongest performing sector for 1031 exchange replacement properties. Demand for warehouse and logistics space is steady. Low supply in many markets supports values. Industrial is the top replacement property choice among exchange investors in 2026.

Multifamily has strong fundamentals. Rental demand remains steady across most U.S. markets. A popular destination for investors transitioning out of single-family portfolios.

Office is primarily a relinquished property sector in 2026 not a replacement. Many investors are exiting underperforming office assets and moving capital into industrial or multifamily. If you are thinking of exchanging into office, do extensive market research first.

Retail is more resilient than many expected. Strip centers anchored by grocery stores and necessity-based tenants are holding value well and generating consistent rent rolls.

Hospitality carries higher risk but stronger upside for experienced operators. Fortress and other institutional buyers are active in opportunistic hotel and resort acquisitions using exchange capital.

Student housing is complicated in 2026. New supply is surging near major universities. Insurance costs are rising significantly. Rent control is spreading in some markets. Investors considering student housing as a replacement property should conduct very careful due diligence on supply pipeline and regulatory trends in the specific market.

Wealth Preservation for Retiring Landlords

This is the fastest-growing reason investors are doing 1031 exchanges in 2026.

Millions of Baby Boomers own rental properties they have managed for decades. They are ready to retire. But selling triggers a tax bill that can reach $150,000 to $400,000 or more even on a moderately valued property, after counting capital gains tax plus depreciation recapture.

A 1031 exchange defers that entire bill. Moving exchange proceeds into a DST means the investor collects monthly passive income without managing a single tenant or maintenance call. The combination of tax deferral plus passive income is exactly what retirement-age investors need.

The stepped-up cost basis benefit compounds this advantage. If you hold your DST investment or replacement property until death, your heirs inherit the property at its current fair market value potentially eliminating decades of accumulated deferred gains in a single step.

The Fortress platform with its focus on senior housing, student housing, and multifamily is built directly for this retiring landlord investor profile. Baby Boomers are both the sellers creating exchange demand and, in senior housing, the end consumers of the real estate those exchanges fund.

Triple-Stack Strategy: 1031 + Bonus Depreciation + Opportunity Zones

This is the most powerful combination available to real estate investors right now. None of the three competitor articles covers this clearly in an accessible way.

Step one: 1031 exchange. Sell your appreciated property and defer all capital gains tax.  

Step two: 100% bonus depreciation. Apply the restored 100% bonus depreciation to the replacement property (or qualifying improvements to it). For a property acquired and placed in service after January 19, 2025, you may be able to deduct the full cost of qualifying assets in year one using a cost segregation study to accelerate depreciation on components with shorter recovery periods.

Step three: Qualified Opportunity Zone investment. If you have remaining taxable gains from other sources (not the 1031 exchange), invest those gains into a Qualified Opportunity Zone fund before the deadline. The OBBBA renewed the QOZ program with new zone designations beginning in 2026. Talk to your tax advisor about whether existing QOZ deadlines from earlier investments affect your planning.

When all three layers work together, you can potentially reduce taxable income from multiple directions simultaneously. This is not a loophole it is precisely what Congress designed. But it requires careful coordination between your QI, your tax advisor, and potentially a cost segregation engineer.

Note on depreciation recapture: Claiming accelerated depreciation through bonus depreciation creates a larger recapture obligation when you eventually sell. This is a real cost that needs to be modeled especially if you are not planning to 1031 exchange out of the replacement property in the future.

Is a 1031 Exchange Still Worth It in 2026?

Yes, For most investors with appreciated real estate, the answer is clearly yes. But the right question is not whether to do an exchange. It is whether you have a clear plan for the replacement property before you start the clock.

Strong case for doing a 1031 exchange: You defer a large immediate tax bill. Your full capital stays working. You can reposition from a management-intensive property to a passive DST. You can move from a weak market to a stronger one without a tax penalty. The rules are stable and well-established.

Reasons to think carefully first: The 45-day deadline is strict. In a low-inventory market, finding the right replacement property in 45 days can be stressful and push you into a suboptimal deal. The QI costs money. Reverse exchanges cost significantly more. And if you exchange into a bad deal to avoid paying taxes, you may end up worse off financially than if you had paid the tax and walked away clean.

The bottom line: If you are selling appreciated real estate and have a solid replacement property target or a DST option ready, execute the exchange. If you are unsure about replacement property options, talk to a 1031 exchange company before you list not after you close.

1031 Exchange News Today 2022: How Things Have Changed

Many investors search for historical context alongside current news. Here is a clear comparison of where things stood in 2022 versus today.

In 2022, the Biden administration had proposed capping 1031 exchange deferrals at $500,000 per year per taxpayer. This created significant anxiety in the real estate community. That proposal was never enacted.

In 2022, the Federal Reserve began aggressive interest rate hikes. Transaction volume slowed sharply through 2023 and much of 2024. Exchange activity fell with it.

In 2026, conditions have shifted. The OBBBA confirmed Section 1031 is safe at least for the foreseeable future. Interest rates have stabilized. Transaction volume is recovering. Investors who paused during the high-rate period are returning to market activity.

Three important changes since 2022:

• Bonus depreciation dropped from 100% (available in 2022) to 40% in 2025 and is now restored to 100% again by OBBBA

• DST platforms have grown significantly Fortress and Nuveen both launched new 1031 DST funds in 2025 to 2026

• Reverse exchanges have increased in use due to inventory constraints that did not exist at the same severity in 2022

FAQs

Conclusion

Having spent considerable time tracking this topic reading primary sources, verifying dates, and cross-referencing IRS guidance against what is actually circulating in the market I can tell you something with confidence. The 1031 exchange is one of the few tax tools left in the U.S. code that genuinely changes financial outcomes for real people. A retired schoolteacher in Florida who bought a rental duplex in 2001 and wants to retire in 2026 without losing $200,000 to the IRS the 1031 exchange is the reason she does not have to make that sacrifice.

A commercial real estate investor in Austin who wants to move capital from a struggling office building into a strong industrial asset Section 1031 is the mechanism that lets him do it without paying 20% plus recapture to the government first. These are not abstract tax strategies. They are real decisions that shape whether people retire comfortably, build generational wealth, or hand their gains to the IRS.

What I want you to leave this article knowing is this: the rules are stable, the tools are more diverse than ever DSTs, reverse exchanges, improvement exchanges, and now institutional grade DST platforms from companies like Fortress and the right time to plan is before the sale, not after. If you are sitting on appreciated real estate in Florida, Texas, or anywhere in the United States and you have not yet talked to a qualified intermediary, that conversation costs you nothing and could save you six figures. The 45-day clock does not care how busy you are.

The IRS deadline does not bend for late decisions. But the right intermediary, the right strategy, and the right plan built before your property closes can protect everything you have spent decades building.