Home building and taxes

[Patrick Philip]

I'm building a house intended to be sold for profit. The house is still under construction at the end of the year. If I'm $250k worth of expenses into the project, do I write those expenses in this tax year? Or do I make no mention of them to the IRS until the year the house is sold? Or do I get more detailed... There's land cost, professional services, materials, contract labor, taxes (all separate lines on Schedule C, some under Part II, others under Part III). Do I add any of this to Inventory?