Do we still enjoy a wherewithal gain credit available at 55?
Answers:
I assume you are referring to the prehistoric one time $125,000 assets gain exclusion from the public sale of a primary residence for individuals 55 and elder. The exclusion have be repealed and replaced beside piece 121 of the due code. Section 121 allow for an exclusion regardless of age when you live and own a primary residence for 2 of the recent past 5 years. The exclusion amount if $250,000 for a single soul and $500,000 for a married couple file as one. The exclusion is available every two years.
Some populace qualify for a pro rate share of the exclusion base upon the origin they move such as a opening related verbs, form related explanation, or other unforseen circumstance.
If you are discussion around the one time home Dutch auction exclusion after age 55, NO, that go away surrounded by 1997.