Answers to your questions:
- Yes, this is an expense for the company.
- No, this wouldn't go on your k-1. The interest income will be entered separately on your personal return. Treat it as if you received a 1099-INT from the company.
- Since this is an expense for the company, you would record this in the corresponding expense account.
- This would be recorded as interest expense in TurboTax, for the business, and interest income in TurboTax, on your personal return.
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