Yes. You can change your mind.
We say that a lot, usually to someone who sent their identification on day 12, watched one of the three properties go under contract with a different buyer on day 30, and assumed they were now locked into two options they no longer wanted.
They were not locked into anything. The belief that a signed identification is irreversible is one of the most expensive misunderstandings in this business, because it makes people spend the back half of their window negotiating for a building they have stopped believing in.
The rule, stated exactly
An identification may be revoked at any time before the end of the 45th day. The revocation has to be in writing, signed by you, and delivered the same way the original identification was delivered: to the qualified intermediary, or to another party to the exchange who is not a disqualified person.
After midnight on day 45, that door closes completely. Whatever list stands at that moment is the list you live with, and there is no relief for a change of heart, a failed inspection, or a seller who stops returning calls.
So the practical shape of the 45-day window is not "decide once, early." It is "keep deciding until the deadline, then stop."
You do not edit a list, you replace it
This is where the mechanics trip people up. There is no procedure for striking one property from an identification and leaving the rest. What you do is revoke and re-identify.
In practice that means a single written notice that revokes the prior identification in full and sets out the new one, signed and dated, delivered to the intermediary before the deadline. Clean, unambiguous, one document. Two separate letters can work, but a single instrument leaves far less room for a later argument about what was in force on day 45.
The reason this matters is that the three-property and 200% limits apply to the list in force at the end of day 45, not to the running total of everything you ever wrote down. Revoke three properties and identify three others, and you have identified three, not six.
What that looks like on a real timeline
| Day | What happens | Properties identified |
|---|---|---|
| 0 | Relinquished property closes | none |
| 12 | Identify A, B and C | 3 |
| 30 | B goes under contract with another buyer | 3, one of them dead |
| 31 | Revoke in full, identify A, C and D | 3 |
| 44 | D fails inspection. Revoke, identify A, C and E | 3 |
| 45, midnight | List is final | A, C, E |
| 46 onward | No changes possible, at all | A, C, E |
Nothing in that sequence is aggressive or unusual. It is simply using the window as it was designed.
The four ways people get this wrong
- Sending it to the wrong person. A revocation delivered to your own real estate agent, your attorney, or your CPA generally does not count, because those are typically disqualified persons for this purpose. It goes to the intermediary, or to the seller of the property being identified.
- Doing it by phone. A call to your intermediary is not a revocation. It must be written and signed. Get a written acknowledgment of receipt, with a timestamp, and keep it with the rest of your exchange file.
- Assuming a dead deal removes itself. A property that falls out of contract stays on your identification until you revoke it. It keeps occupying one of your three slots, and it still counts against the 200% test.
- Waiting until day 45 to think about it. Revocation is free and easy on day 31 and frantic on day 45. If a property is wobbling, replace it while there is still time to line up an alternative rather than a placeholder.
What revocation will not fix
It is worth being precise about the limits, because the flexibility here is real but bounded.
You cannot identify anything after day 45, revocation or not. You cannot acquire a property that was never identified and treat it as replacement property. And when you do close, what you receive has to be substantially the same as what you identified, which is a genuine constraint if the deal changes shape between identification and closing.
The 180-day clock also keeps running throughout. Revoking on day 44 does not buy you more time to close; it only changes which properties you are allowed to close on.
How we use this with clients
We treat the identification as a working document rather than a commitment. Properties get identified early to preserve optionality, then swapped out as diligence comes back, right up until the deadline. The goal on day 45 is not a list you sent quickly, it is the best three options you actually have.
That approach only works if the 45-day window is being actively managed rather than filed and forgotten, which is the point of the diligence sequence we run in our exchange process. Your CPA and qualified intermediary confirm the mechanics for your specific exchange, and your intermediary should supply the revocation form rather than you drafting one.
Common questions about revoking a 1031 identification
Can I change my 1031 identification after I submit it?
Yes, any time before the end of the 45th day. The revocation must be in writing, signed, and delivered the same way the original identification was.
How do I remove just one property from my list?
There is no partial edit. You revoke the identification in full and submit a new one, which is usually done as a single signed document that does both.
Does a revoked property still count toward the three-property rule?
No. The limits apply to the list in force at the end of day 45, so revoking a property frees that slot for another.
Can I revoke after day 45 if a deal collapses?
No. Once the 45th day ends the list is fixed, whatever happens to the properties on it. That is why identifying three properties rather than one matters so much.
Who do I send the revocation to?
Your qualified intermediary, or another party to the exchange who is not a disqualified person. Sending it to your own agent, attorney, or accountant generally does not satisfy the requirement.
Disclosure: Numerical example is for illustration purposes only; individual circumstances will vary.