To build on these questions. Mom passed away in '20. Left everything in a trust that I share with three brothers under the trusteeship of older brother. I transferred my portion of the mutual funds held in the trust in 2022., and liquidated it in 2024 Fidelity 1099R shows me liable for tax on the full value - but I believe that is incorrect. Worst case - I believe I should only be liable for tax on the net gain between what I sold it for and what the value was when I transferred my shares from the trust to me (the basis). Is my thinking along the right lines here?
