I have multiple rental properties. Should I treat them as a combined business?

[ming3]

Will it be better to keep each rental as an independent business? If treating all as a combined business, will each property inside the business still stay as an independent asset (Since we do need the specific cost base, depreciation amount etc when we sell a single property from that business)?

[AbrahamT]

And that is correct. Each rental is reported as a seperate entity for the reason like you mentioned above. Additionally, each property may have different critectia in determining whether the activity related to that particular property is passive or non passive. For example 

Passive losses can only offset passive gains. Based on the above mentioned guidelines in your capacity of a real estate owner, this will determine your status as passive or non passive. Each property can have different criteria allowing for different tax treatment.