I purchased a home to flip in April 2016, and will be selling it this year (2017). Do I claim the original purchase of the house this year for 2016 taxes or 2017?

[angryminnow2600]

I know I claim the reno expenses when I sell the house and will report that in 2018 for year 2017; however, do I still claim that I bought a house last year on this year's tax filing or do I wait to do the whole thing next year?

[bwa · Accepted solution]

You claim it as an offset to the sales proceeds in 2017.

[angryminnow2600]

Ok so I don't report anything at all when filing this year for 2016? I know that's probably asking the same question twice I just want to make sure I completely understand.

[bwa]

You understand correctly.