When to deduct expenses for flip (taxes)

[Jeremy S.]

I'm trying to get and idea of how this situation will effect my tax bill for 2015. I purchased and renovated a house in fall of 2015 with cash from a heloc on another property. I have had several showings but I am not yet under contract and I do not expect to finalize the sale in 2015. How/when do I deduct my interest paid on the heloc used to purchase the flip? What about the cost of the property itself and all the rehab and holding costs? This property is held in an LLC that has roughly 5k in marketing expenses for 2015 and 12k profit from a wholesale deal. Any input would be greatly appreciated.