In general, qualified replacement property for an involuntary conversion must be purchased within one year after the close of the tax year in which the involuntary conversion occurred.

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Qualified replacement property for an involuntary conversion generally must be purchased within a period that begins one year before and ends two years after the close of the first tax year in which any part of the gain from the conversion is realized. However, for properties compulsorily or involuntarily converted as a result of certain presidentially declared disasters, the period is extended to four years.

In General, Qualified Replacement Property for an Involuntary Conversion Must