Yes there is typically a step up in basis if all the correct information is known and falls within those guidelines. I hope you have the closing statement and not just figures that they provided.

*****It concerns me that you were going the depreciation route for what appears to be a personal residence. I do not mean this as being mean or condescending but if you do not understand trusts and how items in the trust work I think you should be passing this return on to someone else to prepare or if you work for a firm have someone review it and go over it with you. You would be do your clients a disservice otherwise.