I loaned money to my S-corp and we are charging interest as an expense. I have taken withdrawls from that account.
1. Should I record interest portion of that loan repayment as a expense?
2. Should I record that portion as an income on the K-1 form?
3. How should record this in QBO (expense account or income account)?
4. How should I record this in TT desktop (form 1120-S)?
