Does building a rental offset income?

[Sean H.]

If i make a huge sum of money in the year, building and selling a new construction.

Would much of that income be offset if i built a rental that same year and kept it? Are we just talking just bonus depreciation? Or can i setup both houses as an s-corp and include the expenses of building the rental into my business expenses for the year? Or, will i forced to keep the new construction (i sell) expenses separate on my balance sheet?