Cindy4
Employee Tax Expert

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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

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