Hello! I have taken out a home equity loan and am lending the funds to my business. My business will pay me back at the same terms as my bank HE loan. Will I need to issue some kind of 1098 or 1099 form between my business and I to account for the interest expense for my LLC and interest income for me, which then offsets the interest form I get from my bank? I understand it will be accounted for as interest expense on my LLC's books. I am hoping Turbo Tax would report this correctly as long as I enter it as interest expense for my LLC, and then the interest expense to the bank that I report personally is offset by the interest income from my LLC. This way, it seems there is no double dipping on the interest expense tax benefit. It transfers to the LLC. Please let me know how to go about doing this right and if I am thinking about it correctly. Thanks. - Mike
