Yes, using TurboTax Business, expenses relating to Royalty Income may be entered under Federal Taxes >> Deductions >> Business Expenses >> All Other Expenses (see screenshot #1 below - click to enlarge), using a custom description (Production Taxes, for example). You may also report property taxes paid on the mineral rights (if any) under Taxes and Licenses.
Royalty Income reported on Form 1099-MISC Box 2 is entered under Federal Taxes >> Income >> Other Income >> Royalty Income (screenshot #2).
Please note that TurboTax Business is the only product that can be used to file Form 1065 Partnership Income.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
