In general, if you got a 1099-S, you need to show it on your return, because the IRS will assume the sale was fully taxable and send you a bill if you don't report what actually happened.
If the appraised value was $446,000, you can add the real estate commission and certain other expenses of sale. That might bring you up to (let's guess) $476,000. If you were the only owner, you would report $499,999 as the selling price, $476,000 as the adjusted cost basis, and pay capital gains tax on $23,999. As a 1/6 owner, you would report the basis and selling price of your share as $79,333 and $83,333 and your taxable gain is $4000.
I don't know if the house being in a trust makes a difference, the gain probably passes through to you anyway. Do you know if the trust will file a 1041 tax return for trusts, or issue the beneficiaries a K-1?
@Anonymous_ ??
