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Tax Deductions for Home Owners

by Rose Price

Most of us don't look forward to tax season, but if you own a home in Champaign, IL, you may be eligible for some tax breaks! Since you don't want to miss out on any home-related tax deductions, you'll want to meet with a tax advisor or use a tax program to find out which deductions you can claim. Here are some of the more common deductions that I would like the residents of beautiful Central Illinois to be aware of:

Mortgage Deductions.The interest you pay on a home mortgage is usually tax-deductible. Every year, you should receive a “Form 1098” from your lender which details how much mortgage interest you paid. To claim this deduction, you need to fill out “Schedule A”, under “itemized deductions” to record your interest deduction. These deductions can also include late payment charges and pre-payment penalties.

Moving expenses. If a move is connected with taking a new job that is at least 50 miles farther from your old home than your old job was, you can deduct some of the expenses for you and your family and the cost of moving your household goods.

Deducting Real Estate Taxes. Real estate taxes are deductible in the year paid. They are generally reported on Form 1098, Mortgage Interest Statement, the annual statement from the financial institution holding your mortgage, or on your county real estate tax assessment statement. You should also deduct any prorated taxes collected from you at closing. These amounts are not always included on Form 1098, but may be itemized on your real estate closing statement.

Business Use of Your Home. If you are a homeowner who uses any portion of your home for business, from daycare to home office to rental property, you can take a deduction for business expenses.

Of course, tax deduction change every year and you may be able to claim deductions that you weren't even aware of! To get the most out of this tax season contact a professional tax advisor.

Are you ready to buy your dream home in Champaign, Illinois? You could claim these exemptions and deductions next year! Contact me to start your search!

 

Rose Price, CIPS, CRP
Prudential Landmark Real Estate
Champaignrose.com


Rose Price, CIPS, CRP

Prudential Landmark Real Estate

 ChampaignRose.com



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Annual Two-Day Community Center for the Arts Giant Garage Sale

by Rose Price

Are you wanting to do some shopping this weekend with friends? Make plans to shop in Champaign for a good cause!

It’s time for the Annual Two-Day Community Center for the Arts giant Garage Sale, featuring a wealth of cool gently-used stuff!

FIRST DAY:  The pre-sale is Friday, February 24, 7-9p.m. (There is a $5.00 admission for non-C4A members.)

 SECOND DAY:  The second sale is on Saturday, February 25, from 8 a.m. – 1p.m, and admission is FREE.

The sale will take place at Good Shepherd Lutheran Church,  2101 S. Prospect Ave, Champaign, IL.

Getting a head start on your spring cleaning and want to get rid of some unwanted items? They are looking for items to sell.  All donations are tax-deductible (and you get the satisfaction of supporting this wonderful effort to share the arts in our community!)

Furniture, household goods, books, CDs, DVDs, toys, clothing, and baby equipment (no baby furniture, electronics or VHS tapes please!)

To donate, call 384-5051 or email susan@c-4a.org.

Rose Price, CIPS, CRP
Prudential Landmark Real Estate
ChampaignRose.com

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Time Saving Tips for an Upcoming Move

by Rose Price

Buying a new home is exciting! There is so much to look forward to with your new space, you have probably mentally even started decorating! But, to get to the new place you have to pack up your current home first. If you have ever moved before, you know that it can be time consuming, overwhelming and frustrating. Even a good moving plan can hit a snag. Being flexible is key when you are planning a move.

Here are some tips that will help you get organized and make moving day a lot easier in Champaign!

1. Change your address and notify companies before you move. Start by filling out a change of address form in advance of your move. Doing this ahead of time can help you to avoid hassles like past-due bills, service lapses and even identity theft. It is also a good idea before you move to set dates to discontinue your utilities at your old address as well as arrange for these services to be turned on at your new address. .

2. Create a moving schedule.
It is a good idea to set up a moving schedule a few months before you move. Set it up as a week-by-week checklist to manage the process and help to stay on track. A moving schedule helps you to keep track of the little details or things that may be over looked, thus helping you to avoid last minute headaches. 

3. Establish a packing system.
Packing is a major time consumer so think about coming up with a packing system so all of your boxes end up in the right rooms when they get to your new home. Many professional movers recommend that you use the color code system where you color code each box with a particular room to avoid any confusion with the movers. It is also helpful to give your movers a floor plan of your home with each room labeled.

4. Get rid of unnecessary items.
The less boxes you pack the less you have to move and finally unpack. So it makes sense to thoroughly go thru your items and get rid of the things you just don't need. Items such as unread books, half-empty cleaning products, clothes that you know you wont wear again should be given away or sold at a garage !sale. You don't want to bring the clutter to your new home!

 Are you ready to find and move into your dream home? Contact me today to see how I can help!

 

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“Fragments: Recent Paintings by Kenneth Hall”

by Rose Price

If you love art and are looking for something to do this weekend then take a look at local Champaign art during this exhibit.

Recognizable figures from famous paintings in art history take on new meaning in artist’s Kenneth Hall’s paintings, to be featured in a Parkland Art Gallery exhibit opening Monday, February 13.

“Fragments: Recent Paintings by Kenneth Hall” will run in the gallery through Tuesday, March 27. An artist reception takes place from 6-8 p.m. on Thursday, February 16, with gallery talk by Hall at 7 p.m. and music by the Urbana High School Jazz Band. Hall will provide an additional lecture in the gallery earlier on February 16, at 1:15 p.m.

Support local Champaign artists by checking out this lecture and exhibit!

 

 

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Story Time at Barnes and Nobles

by Rose Price

Located in the Marketview Shopping Center at 65 East Market View Dr., Champaign, the local Barnes and Nobles is doing a a specials children's story time Saturday at 11am for Valentines Day !

Story time will be featuring the adorable Plant a Kiss by Amy Krouse Rosenthal. The kids will also make valentine cards for a local nursing home, as well as enjoy refreshments from the Cafe!
 
 Bring your little Valentine to this local event and spread the love around your Champaign Urbana community!
 
 
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February is Heart Health Awareness Month

by Rose Price

Did you know that heart disease is the number one killer of women? February is Heart Health Awareness month and now is the perfect time to fight back against this disease.

For example, by exercising at least 30 minutes a day you can reduce your risk of heart disease. Take the stairs, and know that every time you make a decision to chose a healthier option you could be saving your life.

Studies show that for every hour of walking you may increase your life expetancy by two hours! The time to get moving is now!

Start with small workouts and find friends in Champaign to help you meet your goals. Very soon, you'll be enjoying the benefits of an active lifestyle.

Do you have any words of motivation for our readers who are just beginning the journey to heart health? Contact us and share them!

 

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Moving with Children

by Rose Price

You may not be the only one who is overwhelmed by a move to Champaign, your children may be extremely nervous or even downright dreading the move! Here are some tips that can help:

1. It's a good idea to inform your children about moving as soon as possible and not delay the news. Children need time to let the big news sink in and you will need the time to help them prepare!

It can be natural to assume that the less time kids have to think about moving, the easier it will be for your children. However, experts say it is actually the opposite. Kids need time to get used to the idea of moving. Don't put off telling them about moving.

2. Welcome your children's questions about moving.

Open lines of communication will go a long way toward helping your children feel comfortable with moving. And it's okay even if you can't answer all their questions right now. Your kid's questions can give you an idea of how they're feeling about moving — whether they're excited or uneasy. Some questions may also offer an ideal way to get them involved in the moving process, such as suggesting they get online to locate nearby libraries or parks.

3. Be positive and upbeat about the move.

Your attitude about the move will influence your children's attitude as well. If you dread moving, then the move will seem dreadful to them too. Be enthusiastic, upbeat, and positive about the experiences and opportunities in store, and your children will be more likely to feel the same way.

4. Let your children know they can help with the move.

This is a good time to emphasize that the move is a family event and that everyone will be part of the planning, packing, and perhaps even choosing the new home. Start your kids on thinking of things they can do and how to get ready for the move. Assure your kids that their contributions, however small, will be valued and greatly appreciated

Have you mastered the art of moving with children, please contact us to share your tips - we'd love to hear them!

 

 

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Packing Tips

by Rose Price

I don't know anyone who enjoys packing up all their belongings and moving them to a new home, but if you are organized about the entire process it can be a lot less stressful to get ready for your move!

  • Plan ahead and research the best price and service if you will you require the assistance of a moving company. It’s a good idea to price this out ahead of time by using a moving calculator.
  • Stock up on the following supplies: strong packing boxes (more than you think you will need), markers and tags to label boxes, rolls of packing tape, bubble wrap for fragile items, packing paper, scissors and a knife for opening boxes. 
  • Pack room-to-room keeping similar items together and use smaller boxes for heavier items so it is easier to lift. 
  • You don't need to spend a lot of money on packing items to protect your delicate items. You can use towels, linens and curtains to line the bottom and sides of boxes with fragile items. All fragile items should be individually wrapped and clearly marked FRAGILE.
  • Make sure that any opened boxes or jars are tightly sealed before packing them. You don't want to find out that the bleach spilled once you have reached your new home! 
  • Use colorful tags to identify the contents of the box and which room it will be taken to in your new home. 
  • There will be so much to do and it will be easy to forget what you have. Make a master list of all household items and personal belongings.
  • Finally pack a box with all the essentials and mark it “Open Me First.” This box may contain items such as: a few basic tools (flashlight, pocket knife, masking tape, light bulbs), bathroom essentials (toilet paper, soap, shampoo, toothbrushes & paste, hand towel), Kitchen items (paper towels, coffee maker & filter, paper plates, cups, utensils, pet food, trash bags).
     

Do you have any tips or tricks for moving into your new Central Illinois home? 

 

 

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Karaoke with a Live Band at Boomerangs!

by Rose Price

Are you ready to get on stage with the official band of the Chicago Blackhawks for some live band karaoke? Make plans for this weekend to head over to Boomerangs in Urbana!

There are over 300 songs to chose from, lyrics provided, so you're bound to find something you want to perform!

Karaoke starts at 9pm and goes until 1am! Get there early to grab a $5 pitcher and order from the full menu until 9pm, appetizers until midnight.

Boomerang is located at 1309 E Washington, Urbana - next to Silver Bullet. Don't be shy and get on stage!

 

 

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How Can You Sell Your Home When Your Neighbor's is Unsightly?

by Rose Price

Have you looked at your neighbors home and though, "There goes the neighborhood!" Before you were trying to sell your Champaign home your neighbors overgrown lawn, chipping paint and littered driveway may have been unsightly and annoying, but now there unkempt property is a hindrance to you selling your home. How can you expect to get your asking price when your neighbor's house is not a good selling point?

Here are a few actions you can take to make your neighborhood a little more presentable:

1. Your best bet is to start by being neighborly and simply communicating with them. You may uncover a problem that you can help to solve. Is your neighbor elderly or ill? Perhaps you could help out with lawn care or basic maintenance. You might even get other neighbors involved to lend a hand.
2. If you have an HOA, you can go to the president or governing committee. Most HOA’s have strict requirements for upkeep, and they take quick action to correct violations.
3. Call the city code enforcement. If your neighbors’ grass is knee high and they have a rusted out Chevy in the front yard, they are probably in code violation.
4. Use a fence or landscaping to hide unsightly side or back yards.
5. Some home sellers who are serious may offer to pay to haul off trash or try to work out another option to try to help the situation.

Another property de-valuer, especially in today’s economy, is the foreclosure. While it is true that you unfortunately cannot personally do anything about a foreclosed home in your neighborhood, you should be prepared to take a hit on your home’s appraisal value. As unfair as it is, it is a good idea to be aware of the home values in your neighborhood and what other sellers are listing their homes for. You may need to consider discounting your home or offering incentives to counteract the foreclosure.

Foreclosure is so commonplace now that it probably won’t affect people coming to your neighborhood – in fact, it may draw potential buyers. You just have to be ready to compete with the ‘bargain’ a foreclosure may present.

Have you been in a similar situation? Share your tips with us - we would love to hear them!

 

 

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Displaying blog entries 51-60 of 72

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Rose Price
Landmark Real Estate
One East Main Street, Suite 200
Champaign IL 61820
217-202-8843
217-352-1933
Fax: 217-378-1281