Flip tax filing question - this year or next year ?

[Pandu Chimata]

We bought a property for flip last year and we have completed all the work last year but the house is still on sale. All construction expenses are incurred last year only but the house is still on sale. 

Should I be filing all my construction expenses this year or should I wait till the house sold out to file the expenses which means next year ?

Please advise.

[Brandon Hall]

Because you are 50/50, you have created a partnership. As a result, you must file Form 1065. Please don't do this yourself! Find a qualified CPA to help you and one that will give you year round advice, not just see you once a year at tax time.