The 45-Day deadline...

"I have 45 days to identify replacement property for my exchange. What if I change my identification after the 45 days?"

If you change your identification after the 45th day, you’re in big trouble. If you get caught, your exchange will be disallowed. You’ll also be subject to penalties, which will probably run 100% of the tax. You’ll owe interest on both the tax and the penalties, and you could even end up in jail (yes, people have gone to jail for this).

--The Experts