This is complicated stuff. You are probably best off seeking the advice of the attorney who drafted the trust or a CPA/EA who deals with irrev trusts everyday.
That said if you use TT the right version is the desktop only TT Business. (NOT Home & Business). https://amzn.to/48XuERr
TT Business does not hold your hand as much as regular TT, so you really need to know what you're doing.
A couple of comments about your specific questions about in irrevocable trust owned real estate. This assumes this is a non-grantor irrevocable trust. If the grantor is still alive and the details of the trust make it a grantor trust, then things are different.
1. The 1041 is prepared by the Trustee. Not the grantor. Not the executor. Unless of course the same person is wearing multiple hats. But the trustee is the one responsible
2. Ask your CPA/EA but I think the rental real estate gets valued for depreciation purposes on the day the trust became irrevocable. An appraisal is best, but you might get away with an town assessment if the town keeps values up to date (many don't).
3. The rental is treated like any other rental starting on the date of the trust became irrevocable.
4. Need more info about the non-rental property. Is it actually rental property but just not ready for rental? Or is a beneficiary using it? Or is it held for investment only?
5. Re: K-1s. Beneficiaries who receive INCOME from the trust get K-1s showing the amount and type of income (or expense). Usually this means money was distributed from the trust to the beneficiaries and was an ongoing thing year after year (not just one or two payments). For example if the trust has no deductions if the trust has $50k in interest income and distributes $15k to Joe, then Joe gets a k-1 showing $15k of interest income, which is reported on Joe's 1040. The trust files a 1041 showing $50k of interest income and a distributable net income (DNI) deduction of $15k for total taxable trust income of $50k-$15k=$35k. The trust issues a K-1 to Joe showing the $15k of interest income.
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