Please see this answer from DS30.
If you are in the business of flipping houses, you will report all the income and sales information on a Schedule C as business income from self-employment.
You would want to upgrade to TurboTax Home and Business and you would report all your business income/expense under the "Business" tab (continue)>I'll choose what I work on"> Business Income and Expenses > Profit or Loss from Business > start or update. Let TurboTax guide you in entering all of your business information. You will eventually get to a screen titled "Your () Business.
If you are not in the business of flipping houses, you would report this as the sale of a capital asset because you bought the home for investment purposes. You will add the remodeling costs to the basis to determine your overall gain or loss. You may need to upgrade to TurboTax Premier to report this capital asset sale.
Click this link for further information about reporting the sale of a capital asset
- To enter this transaction in TurboTax, log into your tax return and type "investment income (gains and losses)" in the search bar then select "jump to investment income (gains and losses)". TurboTax will guide you in entering this information
