Can I do a 1031 with the capital gains portion of the Sale......

[Steve Hungerford]

Hello,

I have a property with a lot of capital gains that I wanted to use some of the basis portion (basis plus the 250K exclusion) to buy a SFR.

If so how do I do that ? Can I use the amount I believe is the capital gains for the 1031 and take the basis (purchase price, plus improvements, 250K exclusion-section 121)

I was told I could but I need more clarity.