I did not own the property.
Someone else owned the property and I supplied capital (loan) to buy materials needed for the renovation. I used personal cash and a second mortgage on my home to fund the renovation. So in reading the other links most of them talk about a property you own. I didn't own the property, I provided capital for improvements and made a profit when the owner sold the property.
This is my first investment venture like this and I need to understand how the taxation works. I made the profit this year and I'm guessing I have to pay taxes of some sort when the property closes and I receive my payment.
