The transactions are independent of each other. You might qualify for the capital gain home owners exclusion when you sell your home.
SALE OF HOUSE
If your gain was more than $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return.
Whether you re-invested the gain in to another house is irrelevant.
If you have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).
The rule that you could postpone your gain by buying a more expensive home was phased out in 1997. Now, each transaction stands alone. If you lived in the home at least two years of the past 5 years and owned it at least 2 years, you qualify to exclude the first $250,000 of gain (or $500,000 if married filing jointly). Any gain over that is a taxable capital gain. If you owned and lived in the home less than 2 years, you might qualify for a partial gain depending on the circumstances of why you decided to sell.