If you are a "casual" flipper, this is a capital gains transaction. When you sell the house for more than you paid for it, you have a taxable capital gain. If you owned the house less than a year, it is a short term gain taxed as ordinary income and if you owned the house longer than a year, it is a long term capital gain taxed at reduced rates. You can increase your cost basis by the cost of permanent improvements you paid for. You can't take an adjustment for the value of your time. You can deduct your property taxes paid on schedule A (up to the SALT limit of $10,000) and you can deduct mortgage interest on schedule A (for your main home where you live plus one second home -- the flip house can be your "second home") up to the mortgage interest deduction limit of $750,000. You can't deduct property insurance, utilities or other expenses.
If you flip as an "ongoing trade or business", you can report your flipping activities as a self-employed business on schedule C. You would deduct all your expenses on schedule C, including your taxes, mortgage interest, property insurance and utilities. You don't deduct improvements, they are still treated as adjustments to the cost basis. You will pay capital gains tax plus self-employment tax on your net profit. By treating this as a business, you can deduct certain expenses that are not deductible if this is casual, but you pay higher taxes on the resulting net profit.
You may want professional advice before you get too deep into this area.
