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What does turbo tax for business New York Estates and trusts want when asking Enter the average values during the year for the business property owned by the trust.

I sold a rental house. Separated the house from land since I took a loss on the land.

That would be used to compute the return on investment or possibly depreciation.

Could it be that the program is asking for fair market rent?

Was the rental converted to the estate ownership in 2024?

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FRSJRAuthor

Thanks for getting back.

The house has been rented since 2012. It was inherited as part of a trust.

I sold the house and an adjacent lot in 2024. I took a loss on the adjacent lot.

So I son't really know what it is asking for.

Enter the average value (Fair Market Value) of the rental for tax year 2024.

This may be needed for form 8971 in order to report a value for the inherited property.

If you inherited the property, you would get the stepped-up basis.

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