It's stated that the replacement property must be received and the exchange must be completed within 180 days. Is it ever possible that the closing takes place after the 180 days but for like-kind exchange purposes it still qualifies based on the buyer assuming risk and rewards of ownership and transferring the proceeds from the relinquished property within the 180 days? For instance maybe this happens because according to a foreclosure agreement the buyer must pay all the expenses starting on or before the 180 day period ends and the accommodator makes sure the transfer of the proceeds into the escrow account occurs on of before that date, but due to extraordinary circumstances (pandemic for example) it closes a few months later. Or does the closing date on the settlement statement always determine whether the 180 day rule is met? Thanks!
20-Jan-2022 6:10pm
