Legal Question in Wills and Trusts in North Carolina

Yes if the home is sold for more than the stepped up basis. You will need to talk to a CPA. You do not indicate when your name was added to the deed and what the property was worth at the time. You also do not indicate if the property was owned as a tenancy in common or joint tenancy with right of survivorship. It would matter as the share of the first parent to die would pass either by law (if a joint tenancy) or by intestacy law/will if a tenancy in common.

The share of the land passing to you would be different and in order to figure the capital gains amount one would have to know what the value of the interests were that were transferred to you at various times to reduce your capital gains. I am not a tax attorney, but if your parents bought the land 60 years ago and paid for it its probably worth a bit more now but you get a stepped up basis so your capital gains tax would not be current value minus purchase price 60 years ago but current sale price - minus value of property using stepped up basis.

As I said, I am not a tax attorney and this is not tax advice. Just see a CPA who is familiar with capital gains on inherited real property. You cannot go to a place like H & R Block for advice. You need a real CPA.