I have the same question as you concerning treatment of the RV asset. It seems ludicrous that you would depreciate it over 5 years when the useful life of an RV is perhaps 15 to 20 years. Doing it over 5 years, especially for a new RV, would generate a huge rental loss, one that you could not apply against other taxable income.
I don't think you can take mileage as well as depreciation. Mileage is designed to cover all costs of running a vehicle, including gas and maintenance and depreciation. Normally, the renter pays for the gas. Also, an RV is a moving house, and the federal mileage rate is not designed to recoup the full cost of operating and maintaining an RV.
It would be great if we could hear from someone who has experience with this, such as a tax professional doing returns of RV owners who rent their RV's and use them as second homes.
