Anecdotal 1031 Exchange. Who's actually done it?

[Mike Kalob]

I get the concept (number of days, etc), but how was the operational aspect?

- Were you audited which seems very likely with 1031s?

- Is there a huge delay in filing taxes since the 1031 admin has to liaise with your accountant? Can you even efile?

- Upon sale of the asset down the line, are you in a higher position to be audited given they may ensure you are using lower basis or is it the same as every other return after the 1031 is over?

It seems many 1031's fail given the requisite of a short timeline sale/purchase but just wanted to hear those lucky enough to do it, thanks.