Flip House - Tax Questions on an investment property loss.?

My wife and I are one of the many people who didn't benefit from flipping a house. We didn't take any money away from selling the house ($0 at closing) after spending $50,000 on renovations. It's been difficult to find info. on the internet (or tax offices at this time of year) about what this will do for us at tax time. I know the renovations and costs (closing, mortgage interest, points, etc.) are deductible, but normally that would help the taxes you pay on the capital gains. In this case, does it just balance out our salary, other investments' interest, etc.? Any insight would be great.

If you normally do your own taxes, this year would be a good one to hire a pro.

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