If the house you sold was your primary residence, you may be able to exclude up $250,000 (single) or $500,000 (married filing jointly) in gain from the sale of your home (Sale price - Cost basis = gain/loss). You can read more about where to enter the home sale (if needed) at the following FAQ: https://ttlc.intuit.com/replies/3300213
On the other hand, the deductions for building your new house are tax deferred. This means you don't enter your expenses for building a house, just like there is no deduction when you initially purchasing a home.
However, be sure to track of all of these expenses because they equal the cost basis of your home. If you ever sell or rent your home you gain or depreciation is decreased or calculated based on your cost basis.
Alternatively, you can deduct any mortgage interest (includes most constructions loans for building a house) and property taxes every year you have the home, as an itemized deduction. These expenses are found under: Federal Taxes >> Deductions & Credits >> Your Home >> Mortgage Interest, Refinancing, and Insurance & Property Taxes below.
Also, if you paid sales tax on the construction of your home, you may be able to deduct that too. For more on that if applicable, see the following FAQ:
https://ttlc.intuit.com/replies/3301623Let me know if you have any follow up questions.
