3513055
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Gas/Oil Royalties ~ can I deduct the cost for TT from my royalties in a second state?

I receive a small amount of gas/oil royalties from a second state.  It is not a business; it is just royalties, as I only own a small percentage.  However, I must file and pay taxes in the second state and purchase a second state tax program from TT.  Is this second TT state software deductible anywhere?  Thank you for your assistance!

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
Vanessa A
Expert Alumni

Gas/Oil Royalties ~ can I deduct the cost for TT from my royalties in a second state?

It depends on which state and if the state allows for itemizing of expenses and what expenses they allow you to itemize.

 

Which state are you asking about?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Gas/Oil Royalties ~ can I deduct the cost for TT from my royalties in a second state?

I am a resident of California and file taxes there, but I also receive royalties from Oklahoma and file OK tax.  I use TT, so I get California tax software with my Federal tax, but I have to purchase the Oklahoma tax software to complete my filing.  My royalties are just that, no business.  But after I purchase the OK tax software to file and then pay to efile, it is nearly a wash on my small return, so if I can somehow deduct the OK tax program maybe it will save me a tiny amount...  thanks for your help

DianeW777
Expert Alumni

Gas/Oil Royalties ~ can I deduct the cost for TT from my royalties in a second state?

It depends. If you are saying you purchase TurboTax software for Oklahoma (OK) so that you have the ability to file your royalties for the state of OK, then you could use that portion of the cost as a deduction on your royalty income.  This seems reasonable and would reduce your overall royalties on all returns.

 

@CaddyGrn   

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question