Tax Question House Flip

[Sergey Kalina]

Hi,

This may be a silly question, but I was told by a couple people that not all the money you invest in a house flip can be deducted.

ie. I'm finishing up a house flip and have done a full gut on the project. Would I be able to write off everything I spent on the flip and subtract that from the profit so I pay less in capital gains? 

Thanks!