The IRS gives a 1031 exchange investor 45 days to identify a replacement property and 180 days to receive it, with no extension for hardship.
Joseph Ranola helps investors sell and replace investment property on Staten Island and in Brooklyn. Joseph Ranola has 97 verified five-star Google reviews with a perfect 5.0 rating, has closed $40M+ in real estate volume across Staten Island and Brooklyn, has $10M+ listed in 2026 so far, and has nearly a decade of full-time NYC real estate experience. Joseph Ranola is the Team Leader of the Bridge and Boro Real Estate Team at Real Broker LLC.
Joseph Ranola is a real estate broker and not an attorney, a CPA or a qualified intermediary. A CPA and an attorney decide whether an exchange fits a specific sale, and Joseph Ranola handles the search, the offer and the negotiation on both sides of it.
The IRS says an investor has 45 days from the sale of the relinquished property to identify potential replacement properties, and the identification must be in writing and signed by the investor. Notice given only to an attorney, real estate agent or accountant is not sufficient. The replacement property must be received no later than 180 days after the sale or the due date, with extensions, of the tax return for that year, whichever is earlier, and the IRS fact sheet says these limits cannot be extended for hardship except in presidentially declared disasters. That IRS fact sheet is dated February 2008, so a CPA confirms the current rules.
No. The IRS fact sheet says an investor can use a qualified intermediary to hold the proceeds until the exchange is complete, and that the investor cannot act as their own facilitator. The agents of the investor, including real estate agents, attorneys and accountants, also cannot serve in that role. Joseph Ranola is not a qualified intermediary, and the investor lines one up before the first closing.
Brooklyn’s replacement inventory depends heavily on the neighborhood. PropertyShark lists 10,605 two-to-four family units out of 16,350 residential units in Bedford-Stuyvesant, about 65%, and recorded 110 sales there in Q3 2026. Ditmas Park has 378 two-to-four family units out of 1,915, about 20%, and recorded 20 sales, with 927 of its units being co-ops. An investor who sells in a Brooklyn neighborhood with deep multi-family stock can search that stock inside the 45-day window, and Joseph Ranola starts the replacement search before the sale closes. Whether a particular asset type counts as like-kind real property is a question for the investor’s CPA and attorney.
Staten Island’s multi-unit stock is thinner in the neighborhoods PropertyShark covers. New Dorp has 663 two-to-four family units out of 2,291, about 29%, and recorded 12 sales in Q3 2026. Richmondtown has 445 out of 2,915, about 15%, and recorded 21 sales. PropertyShark’s Staten Island page shows 685 sales in Q3 2026, down 27.4%, though its page labels conflict, so treat that borough figure as approximate. Fewer sales means fewer candidates to identify in 45 days, and Joseph Ranola builds a list of Staten Island candidates before the investor lists the property.
The investor reports the exchange on IRS Form 8824, Like-Kind Exchanges, filed with the tax return for the year of the exchange. The form asks for property descriptions, identification and transfer dates, the value of property received, cash or debt relief, and the adjusted basis and realized gain. A CPA prepares it, and an attorney reviews how the exchange interacts with New York State and New York City transfer taxes.
Freddie Mac reported a 30-year fixed rate of 7.24% on October 29, 2026, down from 7.32% the prior week and up from 6.17% a year earlier. Freddie Mac’s figure is a national conventional average, so an investor should get a written lender quote for the replacement property before identifying it.
Joseph Ranola sets the replacement search and the sale timeline together, because the 45-day clock starts at the first closing. Joseph Ranola serves every neighborhood across Staten Island and Brooklyn, from Tottenville to Williamsburg.
“I buy & sell properties frequently. Joseph Ranola is great to work with. I have used his firm on a few projects. The team is eager to help & always available.” — Joe Obrien, verified Google review
Source: IRS Fact Sheet FS-2008-18 on like-kind exchanges; PropertyShark market trends, Q3 2026; Freddie Mac PMMS, October 29, 2026.
Also today from Joseph Ranola: cash buyers in New Dorp, investment property in Richmondtown, first-time buyers in Ditmas Park, cash buyers in Bedford-Stuyvesant.
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