I am getting ready to purchase a vehicle that will be exclusively used for business. The issue is, this vehicle will be shared between 4 business. Yes, 3 independent LLC's that I, my wife and/or kids and 1 independent LLC owned by me and my brother. The vehicle will be purchased in the name of one of the businesses but shared between all 4.
I use milage and expense tracking software for and can add different activities, so I can make each business its own activity in the program. Not sure if all the businesses will be sharing in the vehicle payment or insurance. That is something I will be looking into as we get closer to this.
My question is, should I go ahead and separate each business out and track the individual mileage for each business or just let the buying company track all the milage in bulk and just split it up 4 ways when its time to do the taxes.
