when mom died in march 2005, because she lived in new york - the house passed 50% to dad and 25% each to me and my sister - we then put the house in a trust -
if we sell the house after dad dies - do we need to pay capital gains tax on the sale? if so, is the cost bases on our share when mom died or the entire thing when dad dies?

thanks

H

You assumed ownership when mom died. Therefore your tax basis is the value when mom died. When dad dies, asuming his portion is divided among you and your sister, your tax basis for that half will be the value when he dies.