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Real Estate Exchange Simplification: New Identification Rules for Taxpayers.

This act modifies the rules for like-kind exchanges of real estate, also known as 1031 Exchanges. The main change concerns the deadline for identifying the replacement property, potentially simplifying the process for individuals buying and selling investment properties. These changes could impact how real estate transactions are planned and potential tax benefits.
Key points
The deadline for identifying replacement property in a like-kind exchange is now the date the relinquished property is received.
These new rules apply to exchanges completed after the act's enactment date, allowing time for adjustment.
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Expired
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Additional Information
Print number: 117_S_3669
Sponsor: Sen. Lee, Mike [R-UT]
Process start date: 2022-02-16
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

1031 Exchange Improvement Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_3669.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-02-16.

What are the main provisions?

Key points include:

  • The deadline for identifying replacement property in a like-kind exchange is now the date the relinquished property is received.
  • These new rules apply to exchanges completed after the act's enactment date, allowing time for adjustment.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Lee, Mike [R-UT].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Real Estate