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Deductions when purchasing a home to flip in 2015, and selling it in 2016?

We purchased a home to "flip" in July 2015, and will be selling it in March 2016. What should I deduct this year vs. next year? I was going to deduct the real estate taxes and insurance this year, and wait to deduct all the labor and expenses next year (to offset the income form the sale of the home). Is this correct?