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F
FRSJR
April 8, 2025
Question

New York Estates and trusts

  • April 8, 2025
  • 1 reply
  • 0 views

What does turbo tax want with this question:

 

Enter the average values during the year for the following business property owned by the Trust? 

The trust sold a house I separated the house from the property since I took a loss on the property. 

 

Pop up is asking 

Real property                                Total      NY state 

Tangible Personal Property 

 

1 reply

B
BillM223
April 10, 2025

You know what real property is - the house and the land it's on.

 

Personal property is any property that is not real property, like furniture, computers, tools, etc. It does not refer to property owned by you.

 

Tangible personal property is personal property that can be touched or moved, like all of my examples above. This is as opposed to intangible personal property which refers to property you can't touch like goodwill, copyrights, patents and the like.

 

Are you doing a 1041 return?

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F
FRSJRAuthor
April 11, 2025

Yes 1041.

 

I figured it out, all the TT INTERVIEW QUESTIONS were meant to get the NYS apportionment ratio, which in my case was 100%.   

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