I have a single-member LLC and executed a 2-year business loan agreement with a non-related single-member LLC. For 2023, I earned $360 of interest income based on the loan amortization schedule. The monthly loan payments will continue through 2025. I have documentation for the loan agreement, but where do I record the $360 of interest income and am I supposed to record the loan terms in TurboTax to make the business-to-business loan official from the IRS perspective or is my current loan agreement sufficient and nothing needs to be recorded or generated by TurboTax?
