Multiple rental properties and personal use

[Bill372]

I own two condominiums.  I live in one for six months and the other for the other six months.  One is in the US and one is in Canada so when I am in Canada I am there as a tourist not as a Canadian resident.  When I am there I have room mates that I share the apartment with and when I am not there I rent the entire apartment.   My question is how do I enter this on Schedule E since I fully rent some times and rent rooms the other times?  I know I cannot declare a loss and have to carry forward losses because I use both properties more then 14 days.  

Can I treat it as 4 properties?

[KarenM90]

Since it sounds like both properties have multiple uses during the year, I think that treating it as 4 properties for the purposes of TurboTax might be a good way to go.  That way you can go through each of the properties in TurboTax and answer the questions specifically about the personal and rental days during that year.

The challenge in this method would be that virtually everything related to the properties will need to be allocated among the properties and their usage (cost basis, utilities, repairs and maintenance, insurance, depreciation, etc etc.)  

If you sell these properties, you will also need the ability to determine if any of them (in whole or in part), qualifies as a principal residence for purposes of deferring any gain as well as being able to separate out land value and building value for each of the (4) properties.

Here are some helpful TurboTax articles on rental property:  

Rental Capital Improvements and Depreciation

Income and Expenses of my Rental