I need to read the trust. It may well be a "grantor trust" for income tax purposes which means that it is disregarded for income tax purposes (it is not a separate taxpayer even though it is irrevocable). If that is the case, then you will be able to use your personal loss against the gain on the sale.
I agree with Mr. Potter that you need to review this with a tax professional. If your trust is *irrevocable*, then it is a separate taxpayer, and I doubt you will be able to offset trust gain or loss by a personal loss. If you have a *revocable* trust, then it is a pass through entity, and this could certainly be done. Many people refer to their revocable trust as an irrevocable trust. It is unclear to me from your facts why you would have an irrevocable trust that you are the beneficiary and trustee of. This would be unusual.
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