For federal income tax purposes, the seller is treated as paying the property taxes up to, but not including, the date of sale. You (the buyer) are treated as paying the taxes beginning with the date of sale. You and the seller each are considered to have paid your own share of the taxes, even if one or the other paid the entire amount. So part of this related to your share is the property taxes that is deductible.
Most of the other closing costs except points paid if any will be capitalized.
So say you buy house for $100000 pay $5500 inc closing of which $250 is property taxes and $250 is points paid than
You will record your inventory(house) at 100000+5000 (5500-250-250) and expense $250 as property taxes and $250 as interest.
When you sell the house for $125000(net of closing cost) after 4 months-
Your sales will be $125000
and Cost of goods sold will be $105000
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Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.