Long term capital gains deductions

[Andrew B.]

Any advice on exactly what one can deduct as an expense on a property i have lived in for 16 months and would like to now sell. I have a CPA but I get a little confused by all his terminology etc! Here is the story:

I purchased my home to live in using a hard money lender and would like to sell it and have the capital for my flipping business which is separate.

Im trying to figure out if its worth waiting until i have lived in it for 2 years, or if i sell how much can i deduct to bring down the capital gains tax. Is all the interest to my hard money lender, his points i paid at the start, closing cost, selling cost and commissions etc, repairs, pool resurfacing all added to the purchase price? I never bought it with the intention of making a profit,but it has doubled in value.

So- wait 8 months, or have enough to deduct and free up some capital?

Any help would be appreciated!