Has anyone done a 1031 exchange?

[SunshineGirl]

I have two older properties that I am considering selling in lieu of doing upgrades. I'd like to do a 1031 with both and buy one better property in a better neighborhood, and I'm looking to hear about anyone's experience in doing a 1031. Any special things to consider? Downfalls?

Thanks.

[Another Reader]

Carrying over basis does not always make sense.  You have a shorter depreciation window and not as much to depreciate.  If you have accrued "losses" from unused depreciation, it can sometimes make sense just to sell and start over with a new basis.

[Blindsquirrel]

  Have done several, I will never sell a house not on a 1031 if I can avoid it. The tax basis will step up when I bite the dust. The tax man can kiss my ass. Very smooth every time. Do need to make sure you can close in time limits though.