Tax Q's regarding multi-year flip

[Carson M.]

My partner and I renovated a home in 2013, but it will sell in 2014. We are wondering what to do with all the expenses accumulated in 2013 as tax season is upon us. Can the costs (receipts) be rolled over to the 2014 tax season, as the sell will not be until 2014. Are they added to the baseprice of the home?

My partner bought the house 100% in his name through a conventional mortgage. There is no LLC put in place, so everything is a personal tax situation. He will, in turn, 1099 my share to me.