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.
