To enter expenses related to royalty income (not S Corp income and expense). Follow these directions.
- Down the left side, click Federal.
- Click on Income & Expenses.
- Under Your income and expenses, scroll down to
- Rental properties and royalties, click Edit/Add.
- Do you want to review your rental?, click Yes.
- Under Rent and Royalty Summary, click Edit.
- Click Update to the right of Expenses.
- And continue to answer the questions.
See IRS publication 525, page 17.
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