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"If we place our residence in a revocable living trust will we still be able to claim the one time exclusion for 55+ if we or the survivor choose to sell the property at some later date?"

The 55+ exclusion has been replaced by the $250,000 ($500,000 on joint return with only one spouse necessary to qualify) exclusion. Grantor trusts are igonored for income tax purposes under your facts. The survivor would likely be limited to the $250,000 exclusion unless sold in the year of death of the decedent spouse but would have the benefit of an estate tax-free step up in basis to the fair market value on the date of death for one-half of the property. This assumes that the property passes to the surviving spouse.
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