Generally there are no provisions for exceeding the standard 180 day exchange period for deferred or delayed exchanges. However, exceeding the 180 day time limit for construction or improvement exchanges which are completed as reverse exchanges is possible.
This is because there are situations in which 180 days is simply not enough time to close the sale of a Relinquished Property or to finish important improvements. When you go past the 180 day limit you are moving outside of the safe harbors provided by IRC Section 1031. This means of your transaction will need to completed based upon previous case law for other exchanges which fell outside of the safe harbor and were litigated earlier.
A Caveat
There is no reverse exchange more exacting than one in which you expect to go past the 180 day safe harbor. Only approach this type of exchange with a properly experienced Intermediary. Also, expect to pay a large exchange fee!
You can only exceed the statute 180 day exchange period by completing a non safe harbor reverse exchange. If you are interestsed, give us a call.
