I have a single member LLC for my side hustle. I personally own the truck and equipment. Can my LLC pay lease/rent payments to me personally for renting the equipment used for those jobs? If so, is there a specific amount i can charge?

[DRich5]

A single member LLC is treated as a disregarded entity, a sole proprietorship for tax purposes.  With that being said, you can write off the business related use fo the truck and equipment while personally owning the equipment.  You are able to deduct the business use of the truck, either by using the standard mileage deduction or actual expenses including depreciation and repairs and maintainance.  For the equipment, it will be recorded on the books at the price you paid for it and can be depreciation over the useful life of the equipment.  In addition, any repairs, maintenance or upgrades to the equipment can be written off on the business. 

Here is a great TurboTax article about business use of vehicles....   https://turbotax.intuit.com/tax-tips/self-employment-taxes/maximizing-tax-deductions-for-the-busines...

[Cindy4]

The answer to this is "it depends".  If your single member LLC has filed an entity declaration with the IRS on  form 8832, it's possible to set up a rental agreement between the company and yourself at a fair market value.

Typically, a single member LLC is treated as a 'disregarded' entity, which means you file on a Sch C on your individual 1040.  In this case, you would be renting to yourself.  In this case you could place the truck and equipment in service and take things like depreciation and actual expenses or mileage as deductions.  Be sure the equipment and vehicle are titled in the LLCs name.

Hope this helps!

Cindy