I am planning on buying a foreclosure for 80K

I will be rennovating the house in the next two months and putting about 10k of material cost into it along with a few hundred hours.

My first question is:

Say I sell the house this year for 155,000 (about the estimated value in our towns real estate market) after rennovtions are complete, what % would I play the IRS in income after the sale?

Also, can I deduct my labor put into the flip from the cost. Say my personal labor is valued about about 15,000, can I deduct that from profits.

Any help would be great

Thanks,