First, you will need to determine if you are a real estate investor or a real estate dealer.
Generally speaking, real estate investors purchase real estate with the intention of holding their properties and gaining a financial return; real estate dealers buy and sell real estate as part of their everyday business. It all comes down to the intent behind the property purchase. Even if you originally purchased the property to hold, but ended up selling it sooner, it does not mean that you are a dealer.
If you are a real estate investor, then the "flip" will be reported as a sale of an investment asset. To report it on your tax return go to: Federal Taxes - Wages & Income - Stocks, Mutual Funds, Bonds, Other. Tell the program that you did sell investments in 2015 - then that you did not received 1099-B - select "Everything Else" - continue entering the rest of the information. This will generate gain subject to preferential capital gain rates. Or a loss will be limited to $3000 deduction against ordinary income.
If you are a real estate dealer, then you will report the "flip" on Schedule C. Sales price will be your gross income (general income in TurboTax) and basis will be your cost of goods sold. This income will be subject not only to income taxes at ordinary income tax rates, but also self-employment taxes. You will also need to upgrade your TurboTax software to Home & Business.
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