Business Vehicle Lease

[jmw3]

I own a single member LLC and have leased a truck from my partner's business. The lease terms include a monthly payment (which is equal to the amount of his monthly payments on the truck loan) and expenses to operate the truck.  How do I account for this?  Is the full lease payment an expense for me?  And if so, does he report lease income on his return?  I want to be conservative on the approach, but can't figure out what would be the right option. 

[Critter-3]

Is the full lease payment an expense for me?  Of course it is 100% deductible  if you use the truck 100% for business use.   Don't overthink this. 

And if so, does he report lease income on his return?  It is simply income to his business ... nothing more nothing less.  Then he can deduct the expenses he incurs as allowed. 

[jmw3]

Thanks for the response.  Very clear and very helpful!