IOW. I flipped a house. Sold it for $90K.I spent $20K on fixing it.Do I claim $70K on Net Proceeds in TurboTax?

I renovated a house.Got a check for $90,000.I spent $20,000 fixing it up.Therefore, do I claim "Net Proceeds" of $70,000?

What does this 3rd paragraph mean?:You will add the remodeling costs to the basis to determine your overall gain or loss