The 1031 exchange timeline is strict and begins on the day your relinquished property is sold, requiring you to identify potential replacement properties within 45 days and complete the purchase of one or more of those properties within 180 days total (not 45 plus 180). These deadlines are critical, as missing either can result in losing the tax-deferral benefits. To comply, investors must work with a Qualified Intermediary prior to the sale, follow IRS-approved property identification rules, and ensure proper planning and coordination throughout the process. With careful execution and professional guidance, the timeline can be managed effectively to achieve a successful, tax-efficient exchange.