Tax question for flipping a house

[Jesse Granados]

Hey everybody had a quick question regarding taxes on a flip. I realize that it’s best to talk to a cpa, but I figured I’d still ask on here anyway! If I spend 70k to remodel a flip (materials, labor, etc.), and the profit after selling the house is 50k, then does the 70k that I spent on the flip cancel out the 50k profit, therefore leading to no taxes paid on the profit? Any help is appreciated! Thanks in advance!