Q. Can I reinvest the gains in another mortgage to avoid taxes?
A. No
Q. Or do I need to Can I reinvest the gains in another mortgage to avoid taxes or do I need to purchase a new property? ?
A. No. Or, more accurately, it is too late to to use the "purchase a new property" gimmick to postpone tax on a gain. Certain procedures must be followed to do a "like kind exchange", including the timing and the classification of the property type.
Reference: https://www.investopedia.com/terms/l/like-kind_exchange.asp
