We bought a home intending to renovate it and sell it to our son at cost. He made decisions to leave the area for work and we ended up renovating the entire home and selling it on the open market at a profit(flipped). I am not a real estate investor. What line items can be capitalized? We had expenses like mileage to and from the property, utility costs, Annual taxes, etc. These were not deducted during the renovation. Purchased in 2017, sold in 2020. No income during the renovation from the property.