1) No. Inheritance tax (estate tax) is tax that is calculated at the passing of an individual and the asset value would have been included with the original estate tax return (Form 706). In 2017 the estate tax deduction was $5,490,000 for the Federal and therefore many people were not required to file estate taxes for 2017. State rules vary from state to state. This link will bring you to the irs site that describes in greater detail how estate taxes work. Estate Tax
2) As far as the basis of property that was left in the trust. The capital gain would be based off the value that was used on the estate tax return or FMV on the date of your mom's passing plus any improvements made to the property by the trust since her passing. Thus if the value is greater now it will be subject to long term capital gains to the trust or if trust is final the gains will be passed down to the beneficiaries. This link will direct you to basis publication from the IRS that shows you the different methods to arrive at the basis of inherited property. Basis Inherited property There are some trust papers that allow for capital gains to be distributed to beneficiaries which would then be taxed by the beneficiary instead of the trust. You will need to read the trust document or meet with an attorney to determine if your trust has that provision within it.
I hope that helps.
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