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No, you are not excluded from capital gains taxation in that situation. You must have lived in the house for two of the last five years for a full exclusion of capital gains tax, regardless of your age. You may be entitled to a partial exclusion of tax if you can show that the home sale was necessitated by job loss, health reasons, or "unforeseen circumstances".
The one-time exclusion for senior citizens was eliminated in 1997. For the new rules, which can be applied more than once in a lifetime and for larger amounts than previously, are described in