How Long do i have to reinvest Capital Gains

My wife and I are considering selling our home next year and then want to build a new home in a year or 2. it could be up to 2 years before we build a new home. We thought that If we were to invest any capital gains from our current home into buying land for us to build on in the future, that we would not have to worry about paying taxes on capital gains since the money was reinvested in the same year into new property for us to build on. Is this correct, or is there some different way to go about it with tax forms so that we do not have to be taxed from any money with the sale of our home. by the time we sell it we we will have lived in it for 3 years as a main residence.

Thanks for your help!
    The ability to postpone gain on a home sale by reinvesting in another home was removed from the tax code in the late 1990s. You can not postpone capital gains taxes by any means. There is, however, a a capital gains exclusion provision if you meet certain requirements. If you have owned and lived in your primary residence for at least 2 years in the 5 years ending on the date of sale, then you can exclude $250,000, single, or $500,000, Married Filing Jointly, of capital gains.
    For additional information on the exclusion and on how to determine gain and where to report it, see IRS Pub. 523, Selling your Home, at this link:
      Contribute an answer

      People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

      1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
      2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
      3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
      4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
      5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.