Tax treatment for my condo conversion and flip

[Peter Aldrich]

I need an 11th hour assist from my fellow BP members to be sure I am handling a tax situation correctly. The situation: I purchased an investment property in July 2017 for the purpose of renovating, creating 3 units and converting to condos for sale. I creatrd a sI gle member LLC to take title when I pIrchased tbe property. Fast forward to September of 2018 and the project is complete and I sold 1 of the 3 condos in September. For 2018 taxes, I plan to report this condo sale as an investment sold. I will allocate a portion of the acquisition cost and the associated rehab cost to form my cost basis. Assuming this is correct, my question is where to I put all of the carrying costs (mortgage interest, taxes, insurance, utilities) as ecoenses in the LLC? Since this was not a rental property, I am less confident in where to report this. Related question, do I report all of the expenses/carrying cost that were incurred in 2018 under the LLC or do I need to partIally allocate these to the sold unit and save the remaining expenses for 2019 when I sell the remaining 2 units? Thank you in advance for any guidance or helpful tips that you can provide.