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    2 Replies Latest reply on Oct 19, 2007 3:49 PM by ldemai

    Lease personal vehicle to business

    ldemai Newbie
      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.
        • Re: Lease personal vehicle to business
          LUCKIEST Guide
          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.
          LUCKIEST