Yep, you are on the right path.
If you are in the business of flipping houses, then you report all income on a schedule C as business income. If you are not in the business of flipping houses, then you report as a sale of a capital asset (long term in your case) in the Investment section.
Add all of your rehabbing and carrying costs incurred to the property basis.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
