Flip taking longer than a year and tax implications

[Sheena Varghese]

Hello,

My current flip will take longer than a year, about 18 months.  Can I still deduct all renovation costs from the profit in regards to paying taxes on the profit.  I have all cash in the property and for renovations, so no loans.  I just want to make sure that I don't end up paying taxes on it like I would if it was a long term property and I sell it without a loan to repay, therefore, it looks like all profits to IRS.  I hope that makes sense.  Thank you