I know this is a few years old so not sure if anyone will see the question. Not sure if @Carl or @chris.hodgdon had any additional insight.
I am in a similar scenario and wanted to ask a few clarify questions.
1. If the vehicle is used for personal and business does this change anything? Or when I claim the business asset for the company that will own the vehicle, will I only claim 50% (or whatever percent makes sense) of the vehicle as the company asset?
2. If I understand the suggestion correctly, Company A owns the vehicle and claims it as a business asset that will depreciate over time (5 years, or potentially earlier if it qualifies for section 179 if we choice to accelerate the depreciation). Any cost associated with the ownership of the vehicle (tax, insurance, etc.) would be handled on Company A's books. Company B, C, D will pay an expense (i.e. $500/day) to rent the vehicle. Each of these companies will record the expense on their taxes. Company A will then claim income from Company B, C, and D. Did I summarize that correctly?
3. Company A must track mileage if it is used for personal and business, but only need to get the odometer reading at the begin and end of the year? If the rental agreement is on a per day agreement, Company B, C, D do not need to track milage?
Thank you in advance the suggestions, time and consideration.
