86 R80 RT had one fuse for the tail/turn and horn. So, sounds like a blown fuse to me. The fuses were moved from the headlight bucket to the frame on the RT after 1984 in the US. Remove the seat and tool/storage tray. It looks like a small black box with a screw nut on it. The box is located at the end of the center support for the tank if memory serves.
Check the fuse connections for corrosion as that is a common problem that would lead to your symptoms. If the fuse block is clean, I would check the taillight wiring loom for possible short to ground. Check for chafing heading back along the subframe to the rear taillights, as there is a possibility that a short has caused the fuse to blow. Best to cure the cause rather than cure the symptoms only. Best luck.
Kindest regards,
John Downs
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