Estate Law Questions? Ask an Estate Lawyer.
Hi and welcome to JA. Ray here to help you today.
Here you would have basis calculated from date you take title.If the properties remain in trust then once they are sold you would owe for the basis from time they were transferred into the trust.The trust here can pay taxes or you would have to do so.There will be capital gains here the long term rate at highest is 20% today for 2016.You would have to calculate the gain here from when they were placed into the trust and the share you inherited at spouse's death.
You are going to need a CPA here to plan this for you it may be possible to time the sale and minimize taxes.You may have some offsets.You certainly want to talk this over with CPA before you sell because this could be a big hit.At least you would want to stagger these to different years.But there is going to be gain here and taxes due upon sale or transfer out of trust.