The IRS states that identification must be in writing, signed by you, and delivered to a person involved in the exchange like the qualified intermediary. A valid identification will have the replacement properties clearly described. In the case of real estate, this means the legal description, street address, or distinguishable name and proposed purchase price.

If you cannot purchase property that you have identified and the taxpayer is within the 45 day identification period, correction or substitutions may be made to the identification. If the taxpayer has identified property and has passed the 45 day identification period, other property cannot be substituted.

Please call us at 866-944-1031 for more details.