accounting practice - recording personal loan to business

[Tim M.]

Hello all - First just want to thank everyone on BP for all the incredible info and knowledge - this is an amazing site!
I recently purchased a 4 unit rental. I took out a HELOC on my primary for the downpayment (3.75% 15 year = unreal!). I use Quickbooks and do my own accounting. This is basically a loan to the business, the business would pay me back within 3.5 years. However, since the loan is on my personal residence I would be getting a 1099 int from the HELOC towards my primary, and would deduct that interest on my personal return. I'm guessing I can not also deduct that loan interest in the business's P&L? I suppose I could charge the business ADDITIONAL interest and deduct that in P&L but thats just robbing from peter to give to paul - I'm a sole proprieter. Am I thinking correctly here? So do I just record this as a personal loan to the business as a LT liability, no interest charged? Essentially the transaction wouldn't even show up on the P&L, only the balance sheet. Also, is this actually a LT liability (3.5 yrs)? Any way to show the principal payments as expenses in P&L? Any insight or suggestions would be greatly appreciated. Specifically from Steven Hamilton - I'm a long time stalker... I mean watcher of your posts.