To receive the full benefit of a 1031 exchange, your replacement property should be of equal or greater value. You must identify a replacement property for the assets sold within 45 days and then conclude the exchange within 180 days.
The most difficult component of a 1031 exchange can be locating replacement property during the 45 identification period. The IRS is strict and rarely allows extensions. There’s a name for people who allow their 45 days to lapse without identifying a replacement property. They’re called taxpayers.