Trust, Life Estate, Capital Gains

[Barbara Izzy]

My parents place there property in a trust in 2000. They named their 5 children as beneficiaries. They both lived in their home until their passing, mostly recently my father in Dec 2014. We recently sold the property and are wondering the set up process. We believe in is a situation of implied life estate and are subject to zero capital gain tax. However after researching online I am so confused.

 

[Barbara Izzy]

My parents placed their property in a trust in 2000. They named their 5 children as beneficiaries. They named themselves and me and my husband as trustees. They both lived in their home until there passing, most recently my father in December 2014.

We recently sold the property. Our question is what are our capital gain requirements?

Thanks for any advice.