We purchased our house in 2013 ($276,000) and lived in it until 2021 (we sold it last year for $760,000). In 2016 we rented out our basement as a rental suite - so for about 5.5 years we've received rental income. The basement is 43.3% of our house in area. What information do I need to enter in TurboTax? Do I need to list all expenses from purchasing the property and all expenses from selling it as well?
Please see this TurboTax FAQ for instructions on how to report the sale of your principal residence: How do I report the sale of my home (principal residence)?
You will need information about the cost of the property and any sales expenses, but you will not need to list them all individually.
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