tax liability of beneficiaries on home in trust sold before vs. after death of owner
Hello,
My mother owns a home in CA that she lived in with my father for 50 yrs. My father passed away last August, leaving the home in an irrevocable trust with my mother as his successor. My sister is the next trustee listed on the trust after our mother dies and we are all considering selling the home before our mother passes. Would the tax liability be greater, the same, or less if the home is sold prior to, or after our mother's passing? The home has appreciated greatly in value since it was purchased in the 50's for around $58K dollars. It's valued now between 1.2-1.5 million dollars. Any ideas about the tax liability on this as an inheritance? Would it be considered an inheritance if sold before our mother's death since the house is in a trust, or would we do better to sell the home after our mother passes? (It is her primary residence at the moment) Thanks for any advice.