I run a small RV/ Vehicle rental business. If I consign other people's RV and cars to rent and we share the profit, how do I report it? What do I need to send the owners that I consign for? All vehicles in my fleet are being used 100% for business.

[lostriverAV]

I run a small RV/ Vehicle rental business. If I consign other people's RV and cars to rent and we share the profit, how do I report it? What do I need to send the owners that I consign for? All vehicles in my fleet are being used 100% for business use.  

[Carl]

You 'really" need to seek the services of a business professional (maybe a CPA?) to help you set up your books. Until that's done, it's rather hard to guess what's the best way to handle things on the tax front. There's just to many possibilities here, and no one way is necessarily better or worse than any other way. Overall, this pubic user-to-user forum is probably not the best choice for this.You can ask 5 different people the same question and get 6 different answers; and none of the answers will necessarily be wrong.

[DMarkM1]

Generally, It appears you are a property manager and thus not the owner of the vehicles.  As carl states there could be several nuances that you will need to deal with and a business professional would be of benefit.   

Each of owners has a Recreational Vehicle Rental Business and the net income that you send to them is their income.  Also, any maintenance and repair costs that you pay on their behalf goes on their tax returns.  You should send them each an annual report showing those expenses and if the individual owner's net income exceeds $600, you need to send them a form 1099-Misc showing rents in box 1.  The individual owners also will be the ones claiming the vehicle assets for depreciation.  

Part of the expenses you list for the owners are your commissions that you keep and those go on your tax return as income. You should also have expenses for running your business as the broker/manager of the transactions.