No. This is not how this works. Back in the 1990s, you could defer a gain on the sale of your home by purchasing a more expensive home. That law was replaced by the 2 out of 5 year exclusion. You would have had to live in the house as your primary home for at least 2 out of five years before the date of sale to be able to exclude any gain. The entire gain will be taxable to you.
