Where to enter house flip?

[mlagrange56]

Hello - I purchased a distressed property on 12/14/2021, intending to rehab and rent, but wound up just selling it as a flip on 07/25/2022. I spent more on the rehab than I received from the sale (after paying off the 1st mortgage).
I tried to enter it in Personal Income, Investment Income, as an Investment Account, but there are only boxes for Date Sold, Date Acquired, and "Sales proceeds" (TurboTax H&B 2022).
Am I in the right place? I would have expected more entries for adjusting the gross proceeds by the rehab costs, and being taxed on the net.

Thanks

[Vanessa A · Accepted solution]

You entered it correctly.  There should also be a box for the cost basis.

Since you sold it at a loss, you can only deduct up to $3,000 against your ordinary income after it offsets any other investment gains.  The rest will be carried forward. 

[mlagrange56]

Thanks, I appreciate your response.