Tax's: negative income made on flips

[Nicole Graziano]

I flipped 2 houses w a partner. 1st house was a loss of about 60k ea! (120k total)

2nd house we are making a profit of 120k but this "profit" would literally pay us back for our initial investments into our LLC together we used on the first house ...

anyone have any idea how the gov. Is going to look at this ? Will I still be taxed on that 120k even though it just returning our initial investment $$..???