Early tax question -- Do I deduct my expenses if...

[Joseph Barbaretta]

So, I'm in the middle of flipping a house.  Its taking longer to get it on market than I'd like.  It probably won't close until after the new year.  So, if all my expenses happen this year and I sell the house next year, Do I deduct them as business expenses this year and pay huge tax on the full sale price of the house next year or do I just sit on them and deduct them from the profit on the house next year.  I know I'm probably 6 months out of cycle on asking this and at the same time showing my ignorance of the income tax code relative to real estate, but I thought I'd ask as I'm trying to make decisions that may be impacted by the answer.   

Thanks!