Personal RV Used for Business: Tax Implications

[Meghan Foster]

We purchased an RV last year under our personal names that is primarily used for business travel. I depreciated the RV under our primary LLC last year. After looking into it more, I'm concerned about potential tax implications and legal issues, such as piercing the corporate veil. Should I revise our taxes from last year to reflect the RV's personal ownership? This won't change the numbers at all, but it will correctly reflect the personal ownership of the RV.

Since the RV is in our personal name, and our two LLCs use it for travel, should we treat the RV as a separate rental business (sole proprietor) and rent the RV out to our LLCs when needed for travel?

Further, how do I calculate the business use percentage for a rental RV? Is it based on days used for business, miles driven for business, or both?

Thank you for the help!

Note: We cannot move the RV into our LLC's name, due to having an outstanding loan on the RV.