If your identified replacement property fails to close and you have no backup identifications, the exchange fails and you owe full capital gains tax on the sale. This is why the three-property rule exists - always identify three properties with different closing timelines and risk profiles. If all three fail within the 180-day window, you cannot re-identify and the exchange is disqualified.
From the seller playbook: 1031 Exchange Execution
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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