Amanda V. Stepp's Real Estate and Community Blog 

Thank you for visiting my blog! I am super proud of it and the content I have put together to share with you, my friends, family and clients... new and old! I hope you enjoy! Please feel free to leave me comments- I love to hear from you!

Feb. 17, 2017

Tax Consideration for Buyers and Sellers

Tax Consideration for Buyers and Sellers

 

Buyers and sellers need to be informed about tax considerations before entering a transaction.

If you have purchased or sold a home last year, there are a number of tax deductions for which you may qualify. Here are some important factors to keep in mind:

Profitability: According to the IRS, if you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income as a single tax filer, or $500,000 on a joint return in most cases.

Interest: Currently, much of the interest paid on a mortgage is tax-deductible. A married couple filing jointly can deduct all of their interest on a maximum of $1 million in mortgage debt secured by a first or second home.

Selling costs: Broker commissions, title insurance, legal fees, advertising costs, administrative costs, and inspection fees are all considered selling costs and currently may be used to reduce one’s taxable capital gain by the amount of the selling costs.

Refinanced mortgage points: They may be deductible, but not all at once. Homeowners who refinance may be able to immediately write off the balance of the old points and begin to amortize the new points. Interest paid on a home equity loan or similar line of credit may also be deducted.

Points/origination fees: On a home loan, if points or origination fees are paid during the purchase of a home, they are currently generally tax-deductible for the year in which they were paid.

Repairs/remodels: Qualifying capital improvements may be able to be deducted, including costs of a new roof, fence, swimming pool, garage, porch, built-in appliances, insulation, heating or cooling systems and landscaping.

Relocation expenses: If you move because of a new job, you may be able to deduct some of your moving costs. To qualify for these deductions, you must meet several IRS requirements, including that your new job is at least 50 miles farther from your old home than your previous job. Moving-cost deductions can include travel or transportation costs, lodging expenses, and fees for storing your household goods.

Property taxes: Currently deductible from your income. If you have an impound or escrow account, you can’t deduct the money held for property taxes until the money is actually used to pay your property taxes. City or state property tax refund reduces your federal deduction by an equal amount.

First-time buyer credit: For those buyers who took advantage of this credit within the past two years, remember that if within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit.

Another important tip for those moving into a new home is to make sure you update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS.

Tax laws change every year, and certain tax deductions become available while others phase out. Speak with a professional tax consultant about these and other considerations.

 

Amanda Marcum 859-353-2853 / Call or Text

 

Posted in Real Estate Advice
Feb. 17, 2017

320 Bowerwood Drive, Richmond, KY 40475

320 Bowerwood Drive, Richmond, KY 40475

3 Bedrooms / 2.5 Bathrooms / 2 Car Garage / 2108 sqft / 0.22 of an Acre / $212,000.00

1 Owner, Fully Upgraded, Immaculate Home! Main Level: Hardwood throughout formal foyer, formal dining room (9'6'' x 13'5'') & great room w/wood burning FP (could be converted to gas easily, already plumbed). Open to kitchen & breakfast room w/ceramic tile floors, pantry, island, glass tiled back splash, stainless appliances. Extended garage 22'6'' deep. Upstairs boasts 3 guest BRs, spacious laundry room (9'9'' x 7'11'' & tile), 2nd bath w/built shelves & extended vanity. Master ensuite (14'4'' x 13'5''), walk in closet, oversized vanity, jetted tub & tile surround. Walk in floored attic storage. Finished walk out bsmt w/fully finished room, plumbing for 1/2 bath, flooring finished throughout but drywall is needed. Only 1 room is included in finished sqft. Backyard: 2 decks, patio, privacy fenced/flat lot, hot tub & above ground pool (Seller will replace liner). Upgraded/updated light fixtures throughout, crown molding, closet organizers, 1 Year Home Warranty! Shingles replaced 12/2016

Directions: From Lexington take I-75 south to exit 87.  Turn left onto Eastern Bypass, continue on for 1.8 miles.  Make a left on Boggs Lane, then a left onto Richwood Blvd. At the traffic circle take the 1st exit onto Bowerwood Drive.

 

 

 

 

Amanda Marcum 859-353-2853 / Call or Text

Feb. 6, 2017

January 2017 Sold Statistics for Madison County Kentucky

Madison County (Richmond, Berea, Waco)

Residential Closed/Sold for January 2017

135 gleneagles blvd, richmond, ky 40475, boones trace

January 2017: 56 Units (18 Berea, 0 Waco, 38 Richmond, 11 New Construction)

January 2016: 68 Units (17 Berea, 2 Waco, 49 Richmond, 8 New Construction)

Average Sales Price: $158,000 ($186,000 for 2016)

Average List/Sales Price Ratio: 96.5% (96% for 2016)

Average Days on the Market: 61 (83 for 2016)

Highest Price: $577,000 ($1,150,000 for 2016)

Lowest Price: $18,000 ($14,500 for 2016)

Total Volume: $8,800,000 ($12,800,000 for 2016)

Feb. 1, 2017

Open House! 102 Welchwood Drive, Berea, KY 40403

Open House THIS Sunday, February 5th, 2017 from 1:00PM-3:00PM

102 Welchwood Drive, Berea, KY 40403

4 Bedrooms / 2.5 Bathrooms / 2 Car Garage / 2321sqft / 1.004 of an Acre / $229,000.00

Home Sweet Home! Custom Kentucky reclaimed barnwood floors throughout main level, formal dining w/wainscoting, breakfast room & kitchen w/new tile floors, new counter tops, high end stainless appliances (French door fridge w/ice & water in door and GAS RANGE w/double ovens!), breakfast bar. Awesome screened in porch w/vaulted ceilings (256sqft), extended uncovered grilling deck (163 sqft). Upstairs features 3 BRs (1 guest BR w/vaulted ceilings), master ensuite w/jetted tub, sep. walk in shower, double sinks, walk in closet AND expandable walk in attic floored storage. Lower level- family room, 4th BR, workshop/unfinished storage area. Patio outside lower level w/inthe 4 board plank fenced yard, 1 acre total lot, storage building, play set conveys. Shingles on roof replaced in 2015. Home backs to woods, farm land & Silver Creek! (NOT in FEMA Flood Plain!). Septic pumped in 2015. Carpets cleaned in Jan 2017. Homes in this subdivision have Richmond addresses! 2 miles from I-75 Exit 83!

Directions:  From Lexington take I-75S to exit 83.  Make a right onto Duncannon Lane 0.5 mi. Turn Lest onto Caleast Road 1.5mi. Continue onto Menelaus Road 0.3mi. Turn right onto Welchwood Drive and the home will be on your right. 

 

 

 

 

 

 

Amanda Marcum 859-353-2853 / Call or Text

 

Posted in Real Estate Berea
Feb. 1, 2017

206 Valley Street, Richmond, KY 40475

206 Valley Street, Richmond, KY 40475

3 Bedrooms / 1 Bathroom / 1 Car Garage / 1241sqft / 0.24 of an Acre / $119,900.00

Wonderful solid home in an established neighborhood. All brick ranch home custom built in 1972 by the owners & now being sld by their children. Dual fuel gas HVAC system, metal roof, wood burning fireplace w/insert & blower, updated kitchen cabinetry & counter tops in 2005(roughly), full unfinished BSMT w/life warranty to be transferred from B-Dry. Single car garage is extra deep w/room to move W/D hook up from the BSMT. Gas stove for the gourmet cooks out there. Bathroom updated 2015 with $14,000 walk in bath tub/shower that is self sanitizing! Ideal for older, disabled or anyone who likes to relax in luxury! Storge bldg conveys. Flat yard, home NOT in the FEMA flood plain. Madison Co. schools shows Madison Middle or Clark Moores.

Direction: From Lexington take I-75S to exit 90A  Merge onto US-25S / Lexington Road 4.9mi. Turn right onto Big Hill Avenue 0.1mi, then a right on Northland Drive.  Make a right onto Hwy Road and Hwy Road turns left and becomes Valley Street.

 

 

 

 

 

Amanda Marcum 859-353-2853 / Call or Text

 

Jan. 25, 2017

Open House THIS Sunday, January 29th, 2017 from 1:00PM-3:00PM

Open House THIS Sunday, January 29th, 2017 from 1:00PM-3:00PM

125 Hidden Point Drive, Richmond, KY 40475

3 Bedrooms / 3 Bathrooms / 2 Car Garage / 2245sqft / 1.02 of an Acre / $229,900.00

Move in ready! Sweet/Southern covered porch located in a lovely cul-du-sac, 1.02 acre lot w/a recently added 4 board black plank fenced back yard, hardwood throughout the great room, foyer, halls, great room features vaulted ceilings and is open to the kitchen & dining room. New oil rubbed bronze light fixtures throughout these spaces. Master ensuite features tray ceilings w/crown molding, walk in closet, private bathroom & measures 11'10'' by 16'9''. Two spare bedrooms on main level both have carpet and measure 11'11'' by 10'11''. Lower level boasts an awesome family room that could easily double as an office space as well w/a gas logs fireplace (propane tanks convey), full bathroom w/shower & spacious laundry room. Over sized 731 SQFT two car garage measures 24'7'' deep. Storm shelter is located under the front porch. Sellers are offering a 1 Year America's Preferred Home Warranty to the lucky buyers of this gorgeous home ($435 Value)! Electric ave. $166/month for the past 12 months.

Directions:  From Lexington take I-75 S to exit 90B.  At the end of the exit make a right onto Lexington Rd.  In .9 miles make a left turn onto S Keeneland Drive.  At the end of the road make a right turn on Tates Creek Road.  After 2.5 miles turn right onto Hidden Point Drive.  

 

 

 

 

Amanda Marcum 859-353-2853 / Call or Text

 

Jan. 19, 2017

Don't Wait! Move up to the home you always wanted!

 

Don't Wait! Move up to the home you always wanted!

 

If you are interested in selling your current home and started the search for your new dream home, please give me a call!

Amanda Marcum 859-353-2853 / Call or Text

Posted in Real Estate Advice
Jan. 18, 2017

102 Welchwood Drive, Berea, KY 40403

102 Welchwood Drive, Berea, KY 40403

4 Bedrooms / 2.5 Bathrooms / 2 Car Garage / 1 Acre Lot / 2321sqft / $229,000.00

Home Sweet Home! Custom Kentucky reclaimed barnwood floors throughout main level, formal dining w/wainscoting, breakfast room & kitchen w/new tile floors, new counter tops, high end stainless appliances (French door fridge w/ice & water in door and GAS RANGE w/double ovens!), breakfast bar. Awesome screened in porch w/vaulted ceilings (256sqft), extended uncovered grilling deck (163 sqft). Upstairs features 3 BRs (1 guest BR w/vaulted ceilings), master ensuite w/jetted tub, sep. walk in shower, double sinks, walk in closet AND expandable walk in attic floored storage. Lower level- family room, 4th BR, workshop/unfinished storage area. Patio outside lower level w/inthe 4 board plank fenced yard, 1 acre total lot, storage building, play set conveys. Shingles on roof replaced in 2015. Home backs to woods, farm land & Silver Creek! (NOT in FEMA Flood Plain!). Septic pumped in 2015. Carpets cleaned in Jan 2017. Homes in this subdivision have Richmond addresses! 2 miles from I-75 Exit 83!

Directions: From I-75 South to exit 83.  Make a right onto Duncannon Lane 0.5 mi. Turn left onto Caleast Road 1.5 mi. Continue onto Menelaus Road 0.3 mi. Turn right on Welchwood Drive and the home will be on your right.  

 

 

 

 

 

Amanda Marcum 859-353-2853 / Call or Text

 

Posted in Real Estate Berea
Jan. 17, 2017

Home Sellers Advice: Clutter-free Countertops

Home Sellers Advice: Clutter-free Countertops

Today's kitchens are filled with all kinds of gastronomical gadgets, but if you want to show your kitchen to its fullest advantage, here are five ways to keep clutter down:

 

  1. Store unused equipment. Which appliances do you use the most? Chances are they’re not vegetable curlers or pasta makers. Store those appliances somewhere else, such as a butler’s pantry, food pantry or the garage.
  2. Build an appliance garage. Many cabinetmakers offer an appliance garage that can be closed when not in use. You can also customize an appliance garage to extend the length of the counter.
  3. Update appliances. If you need a microwave, get one that’s also a convection oven. Commercial-grade mixers have attachments that can make pasta and knead bread. The newest coffee machines can make tea, hot chocolate and all kinds of coffee shop specialty brews.
  4. Mount what you can. Under cabinet mounting is easy to install. Paper towel racks, electric can openers, and task lighting can all be mounted under the cabinets to free up counter space. Throw out smelly dishrags and sponges, and store fresh cleaning aids in caddies under the sink.
  5. Invest in organizers. Corner cabinets can be better utilized with swing out organizers. Drawers on rollers allow better access to all your storage. One charging station should serve multiple devices. Try installing one in the hall or utility room.

Once your kitchen is better organized, you’ll find it easier to prepare for showings and buyers will have an easier time seeing the kitchen’s best features.

Amanda Marcum 859-353-2853 / Call or Text

 

Posted in Real Estate Advice
Jan. 13, 2017

374 Pasadena Drive, Lexington, KY 40503

374 Pasadena Drive, Lexington, KY 40503

3 Bedrooms / 1 Bathroom / 900 Finished sqft / Lot Size 0.15 of an Acre / $99,900.00

Why Rent When its Less to Buy?! Charming house with a fabulous location... 3 bedrooms, TONS of hardwood throughout, full unfinished/cellar like basement w/washer & dryer that convey, partially fenced back yard (and flat back yard), covered front porch, vinyl siding, replacement windows, selling as is. This home would make an ideal addition to your rental property portfolio.

Directions: From New Circle Road, take exit 19 to Nicholasville Road. Make a right turn onto Nicholasville Road.  In 0.4 miles turn left onto Pasadena Drive.  The home is on your left.

 

 

 

Amanda Marcum 859-353-2853 / Call or Text