Amazing community.I am selling a vacant parcel of land that will yield roughly $1M in proceeds.

Money cannot be moved without your signature.So, look for a nationwide intermediary with demonstrated experience who will be available to guide you through the process (not just fill out forms) and who gives you some actual control over your proceeds. 

Sometimes folks are surprised to learn that the QI needs to be engaged before the sale happens and the proceeds need to go to the QI.Myself, I'd never invest in CA.

In fact, Jack's idea is superior to a 1031 exchange, because it gives you the flexibility to spread out the proceeds from a sale of property into several investments so that all of your money is not concentrated into only 1 property.

The IRS gives you the option in a failed 1031 exchange that goes across tax years to treat the sale as an installment sale with the proceeds received in the next year.The impact for you is that if your accountant files it as such you will not owe the tax until April of 2024

I had a property last year where I sold and tried to 1031 the proceeds.

Make sure that a qualified intermediary holds your funds when the sale closes and that you never touch the proceeds.

Second you must use all of the net proceeds from your sale in the purchase or purchases.Your net sale will be the sales price of $660K minus any closing costs or commissions. 

How long do I have to own a property before I sell it and the proceeds are subject to capital gains taxes vs. ordinary income?

. $80K in taxes if I keep the net proceeds (because I have been taking depreciation on my taxes over the years).