What you do with the sale proceeds and profits doesn't matter anymore. The rules about rolling it over stopped years ago in 1997.
For a primary home, if you owned and lived in your house for 2 out of the last 5 years when you sell you can exclude the gain up to $250,000 for single or 500,000 for married from tax. You can not take a loss on your tax return.
If you used it in your business you will also have to recapture any depreciation you took or could have taken. So that may be taxable.
