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New Member
posted Mar 12, 2021 5:24:42 AM

Is purchase price for oil and gas royalties deductible? If so, how do I enter into TurboTax

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1 Replies
Level 15
Mar 12, 2021 6:31:54 AM

Purchase price for almost any investment is not deductible. But the earnings are taxable income though. Royalty income is reported on the SCH E in the Rental and Royalty Income section.