Question regarding Tax on a Flip

[Bao Vu]

Hello everyone, 

I have a question regarding taxes on a flip as I am prepping the books. My partners and I purchased a property late 2023 and finished the renovation and sold the property in March of 2024. After all expenses accounted for, my Quickbooks is showing an estimated Tax bill of $93K. My question is when I file our taxes, will they count the purchase price from 2023?  As of 2024, it shows the sell price as pure income and all the expenses isn't enough to offset the tax. I hope this question makes sense as this is our first year filing and our first full year of operation. 

Additional info: 

We're also currently in a middle of a listing of our 2nd flip as well. There are expenses and a purchase price of this current property in the year of 2024.  

Thank you in advance. All inputs are appreciated.