I am past 55 years and have not used my one-time exclusion on the gain.

Under current law, there is a one-time exclusion of as much as $125,000 for people over age 55.

"You wouldn't even have to use up your one-time exclusion," he said.

With the one-time $125,000 exclusion, that taxable amount immediately drops to $83,000.

In addition, taxpayers 55 or older are entitled to a one-time exclusion of a gain up to $125,000 from the sale of a home.

A. There is a one-time, $125,000 exclusion on capital gains tax for a homeowner who is 55 or over.

Many older people have already taken their one-time exclusion of $125,000 from the gains tax.

July, 1978: Section 121 allowed for a $100,000 one-time exclusion in capital gain for sellers 55 years or older at the time of sale.

It's worth noting that people over 55 are allowed a one-time exclusion of $125,000 from capital gains tax.

Would I be entitled to take advantage of the one-time, $125,000 exclusion on the income on a sale for people 55 years or older?