The Federal tax law does not offer any exclusion on gains from sale of rental property, regardless of your age.
If you lived in the property as your primary residence for 2 of the 5 years before sale, you may qualify for an exclusion of gains for your primary residence which, again, is unrelated to your age.
You will still, however, owe tax on the depreciation that you took or could have taken while the property was a rental. Any portion of the gain over and above the depreciation amount may be excluded if you meet the primary home usage requirements.
Enter all the sale information during the rental property interview.
