If this is the first and only house that you intend to "flip" (buy, fix up and sell), it should be treated as investment property and the sale reported on form 8949 and Schedule D. You have a capital loss. Your capital loss deduction is limited to $3000 for the current year. Any excess is carried forward to next year
On the other hand, if you are in the business of flipping houses (or are getting into that), you should report it as self employment/business income on Schedule C (as you apparently did). Your house and the cost to fix it up are "your inventory and/or cost of goods sold. You have a business loss, which can all be deducted in the year it occurred.
For more background, see https://fitsmallbusiness.com/taxes-on-flipping-houses/
https://ttlc.intuit.com/questions/2795603-where-do-i-file-the-profits-from-a-house-flip-i-have-the-d...
