45-Day Identification Worksheet
5 min · Tools & Templates · Last updated
Key Takeaways
The 45-day identification deadline is the #1 reason 1031 exchanges fail. This worksheet helps you evaluate, compare, and document your identified properties systematically - so you submit your identification letter with confidence.
Your Exchange Details
| Field | Value |
|---|---|
| Relinquished property sale price | $_________ |
| Selling costs | $_________ |
| Net sale price (amount realized) | $_________ |
| Existing debt paid off at closing | $_________ |
| Exchange equity held by QI | $_________ |
| Day 0 (closing date) | _________ |
| Day 45 deadline | _________ |
| Day 180 deadline | _________ |
Minimum Replacement Requirements (for full deferral)
| Requirement | Amount |
|---|---|
| Minimum replacement property value | $_________ (must equal or exceed net sale price) |
| Minimum replacement debt | $_________ (must equal or exceed relinquished debt, or add cash) |
Property Evaluation Grid
Complete one column for each potential replacement property. Evaluate more than three - you'll narrow to your final identifications.
| Criteria | Property A | Property B | Property C | Property D | Property E |
|---|---|---|---|---|---|
| Address/Location | |||||
| Property type | |||||
| Purchase price | |||||
| Estimated closing costs | |||||
| Total acquisition cost | |||||
| Projected annual income (NOI) | |||||
| Cap rate | |||||
| Monthly cash flow (after debt service) | |||||
| Financing available? | Y/N | Y/N | Y/N | Y/N | Y/N |
| Estimated mortgage amount | |||||
| Interest rate / terms | |||||
| Estimated time to close | |||||
| Inspection completed? | Y/N | Y/N | Y/N | Y/N | Y/N |
| Major concerns / risks | |||||
| Backup if deal falls through? | Y/N | Y/N | Y/N | Y/N | Y/N |
Identification Rules Quick Reference
3-Property Rule (most common): Identify up to 3 properties of any value. You must close on at least one.
200% Rule: Identify any number of properties, but their total value cannot exceed 200% of your relinquished property sale price. (Your limit: $_________ × 2 = $_________)
95% Rule: Identify any number of properties of any value, but you must close on at least 95% of the total identified value. (High risk - don't use unless you're confident in closing.)
Final Identification Selections
| Slot | Property address | Estimated value | Confidence level |
|---|---|---|---|
| 1 (Primary) | $_________ | High / Medium / Low | |
| 2 (Backup) | $_________ | High / Medium / Low | |
| 3 (Safety net) | $_________ | High / Medium / Low |
Identification letter submitted to QI: [ ] Yes, on _________ (date) Confirmation received from QI: [ ] Yes, on _________ (date)
Pro tips:
- Always use all three identification slots. Don't identify just one property.
- Consider listing a DST as your third identification for a fast-closing safety net.
- Submit your identification letter well before Day 45 - don't wait until the last hour.
- Keep a copy of the letter with a timestamp (email delivery receipt, fax confirmation, or certified mail receipt).
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