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The wording in your question makes it hard to answer.
Do you own this vehicle that you want to lease to the Corp??
Or are you leasing a vehicle from a lease company??
The question is ownership?? If you own the vehicle, it sounds like a wash.
Picking up income and deducting expense.
If the vehicle is primarily used for business, it is a deductible expense including depreciation.
Yes we own the vehicle and yes, the lease income to us personally and the lease expense to the Sub S are a wash. We will take the depreciation on our personal return to offset other income. I figured it out that I need to report the depreciation on a Schedule C. Thanks.
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I want to lease a vehicle to my Sub S so I can depreciate it on my personal tax return to offset other income. Am I correct in thinking that I need to claim the lease income on my personal return, and that I can deduct actual vehicle expenses on the Sub S? The vehicle is primarily used for business.