In the OP case, there is no way to avoid a taxable gain. If you don't own the house for a year+one day, the profit is ordinary income. After that, it is taxed as a capital gain. Yo might be able to defer taxes through a 1031 exchange but if you don't already know what that is, probably you don't to get involved.
The capital gain is the sale price reduced by original cost+selling cost (commissions-renovation/stuff you had to do in the 90 days prior to the sale-etc)+capital improvements you made (swimming pool, roof,etc)+monies you paid on behalf of the buyer(title insurance,buyers assistance,etc). Google it, it is all straight forward.
Use turbo-tax to do a mock-up or seek professional advice.
My best advice is to sure your closing date is after 1 year and 1 day of purchase!
FWIW
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