How to record house flipping expenses in partnership

Hi there,

My husband and I have a small masonry partnership. We are buying a house this winter and will be selling it in the spring, purely for business income. My question is, for the very large renovation and material expenses we will incur, do we claim those as expenses when we file our return this year? Or do they sit in the books as assets until we sell it? Thanks so much for your help.

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