Rental Basement and Laneway with separate addresses in Tax Return
If I live in a house and rent out the basement and laneway (with their own addresses, i.e 3 addresses altogether for the property), is 1 or 2 the proper way to file the tax return for rental properties?
File a single rental property tax form with the address set to the principal address of the house and mark it as 2 rental units, with the income+expense numbers added together for the basement+laneway+my main living area and then set the personal use portion as appropriate, based on square footage from my living portion?
File 2 separate rental property tax forms for the basement and laneway, with their own respective address, with the rental income and expenses separate for both, and set the personal usage portion as 0 for both, with the rental square footage percentage of the total property already factored into the numbers?
