Where does turbo tax report an LLCs interest expense paid to a member of the LLC?

[paulap70]

We have an LLC which built and sold a speculative home in 2020.  My husband and I loaned the LLC most of the funds needed and supported that loan with a note from the LLC to my husband and me, with interest at  the IRS friends and family rate.  I have calculated the amount of interest that was paid but having trouble figuring out exactly where in Turbo Tax Business (we file a Form 1065 with K-1s) we will need to enter the interest so that is flows through to our K-1's.  Any advice?

[MMTaxMM]

Read this article....https://www.thetaxadviser.com/issues/2018/oct/loans-members-llcs.html

It's an interest expense for the LLC if the loan is a legitimate loan so it's a regular deduction on the 1065 and it's interest income to the members.

[JeffreyR77]

You will enter your interest expense as a business deduction in TurboTax Business.  Navigate to Federal Taxes, Deductions, Common Business Deductions.