Does the money invested in a still-owned flip from last year count as a tax loss?

[Chad Clanton]

It's my understanding from reading here on BP that flipping is taxed as income, not capital gains; as such, would the money from a flip I bought and started last year but which is still owned count as a loss for last year's taxes, or is that money somehow now incorporated into my taxes at all until I sell the property? I imagine the answer is floating around here on BP somewhere, but I still haven't found it just yet. Thanks all!