This Historic home at 816 Gilman St., Moberly, MO is for sale!

 

 

 

 

 

 

 

Here’s your chance to own this one of a kind prestigious home!

 

 

 

 

 

 

 

Elaborate details, original woodwork, several stained glass windows

 

 

 

 

 

 

 

Light and bright kitchen with breakfast nook and walk in pantry

 

 

 

 

 

 

 

Two staircases, pocket doors too! Original Carriage  House in back

 

 

 

 

 

 

 

Original Carriage  House in back

 

 

 

 

 

 

 

This home sits on about ½ acre in one of Moberly’s upscale neighborhoods.

What Does MLK Have To Do With Real Estate?

 

 

Fill in the blank…

“I have a _________…”

It doesn’t take a psychic to know what word you chose.

Was it “dream”?

Good chance it was. We all know this line from Martin Luther King, Jr.’s famous speech. So when we hear those first three words, it sort of naturally comes to mind.

But what many people aren’t aware of is how much he affected the lives of real estate agents, buyers, and sellers.

It was his death that gave Congress the last push needed to pass the Fair Housing Act, back in 1968. It’s pretty involved, but to put it simply…

This was put in place to ban racial discrimination in housing. You can’t be refused the rental or purchase of a house, based upon your race.

Seems simple enough to most people now. A given, if you will. But it didn’t happen overnight. And believe it or not, it still can and does come up.

But guess who’s a big part of making sure this Act is followed…

On the front lines, it’s real estate agents. We’re tasked with making people aware that discrimination based upon race (and many other things) are not acceptable, and they must refuse to work with anyone who wants to do so.

Real estate agents are proud to be a part of this ongoing history.

Today is the day where we take a moment to reflect and pay him respect. It’s also a good day to share some insight into how much more responsibility real estate agents have than meets the eye.

If you or someone you know is looking for a home to buy or sell  in the Moberly MO area, give the friendly agents at Advantage Real Estate a call.

Tax Deductions for Homeowners: How the New Tax Law Affects Mortgage Interest

Tax changes for 2019 change the landscape for homeowners.

Tax season is upon us once again, and to make it even more interesting this year, the tax code has changed — along with the rules about tax deductions for homeowners. The biggest change? Many homeowners who used to write off their property taxes and the interest they pay their mortgage will no longer be able to.

Stay calm. This doesn’t automatically mean your taxes are going up. Here’s a roundup of the rules that will affect homeowners — and how big of a change to expect.

Standard Deduction: Big Change

The standard deduction, that amount everyone gets, whether they have actual deductions or not, nearly doubled under the new law. It’s now $24,000 for married, joint-filing couples (up from $13,000). It’s $18,000 for heads of household (up from $9,550). And $12,000 for singles (up from $6,500).

Many more people will now get a better deal taking the standard than they would with their itemizable write-offs.

For perspective, the number of homeowners who will be able to deduct their mortgage interest under the new rules will fall from around 32 million to about 14 million, the federal government says. That’s about a 56% drop.

“This doesn’t necessarily mean they’ll pay more taxes,” says Evan Liddiard, a CPA and director of federal tax policy for the National Association of REALTORS® in Washington, D.C. “It just means that they’ll no longer get a tax incentive for buying or owning a home.”

So will you be able to itemize, or will you be in standard deduction land? This calculator can give you an estimate.

If the answer is standard deduction, you’ll be pleased to know that tax forms are easier when you don’t itemize, says Liddiard. Find instructions for IRS Form 1040 here.

 

 

 

 

 

 

Mortgage Interest Deduction: Incremental Change

The new law caps the mortgage interest you can write off at loan amounts of no more than $750,000. However, if your loan was in place by Dec. 14, 2017, the loan is grandfathered, and the old $1 million maximum amount still applies. Since most people don’t have a mortgage larger than $750,000, they won’t be affected by the cap.

But if you live in a pricey place (like San Francisco, where the median housing price is well over a million bucks), or you just have a seriously expensive house, the new federal tax laws mean you’re not going to be able to write off interest paid on debt over the $750,000 cap.

 

 

 

 

 

 

 

State and Local Tax Deduction: Degree of Change Varies by Location

The state and local taxes you pay — like income, sales, and property taxes — are still itemizable write-offs. That’s called the SALT deduction in CPA lingo. But. The tax changes for 2019 (that’s tax year 2018) mean you can’t deduct more than $10,000 for all your state and local taxes combined, whether you’re single or married. (It’s $5,000 per person if you’re married but filing separately.)

The SALT cap is bad news for people in areas with high taxes. The majority of homeowners in around 20 states have been writing off more than $10,000 in SALT each year, so they’ll lose some of this deduction. “This is going to hurt people in high-tax areas like New York and California,” says Lisa Greene-Lewis, CPA and expert for TurboTax in California. New Yorkers, for example, were taking SALT deductions averaging $22,000 a household.

 

 

 

 

 

 

Rental Property Deduction: No Change

The news is happier if you’re a landlord. There continue to be no limits on the amount of mortgage debt interest or state and local taxes you can write off on rental property. And you can keep writing off operating expenses like depreciation, insurance, lawn care, and utilities on Schedule E.

 

 

 

 

 

 

 

 

Home Equity Loans: Big Change

You can continue to write off the interest on a home equity or second mortgage loan (if you itemize), but only if you used the proceeds to substantially better your home and only if the total, combined with your first mortgage, doesn’t go over the $750,000 cap ($1 million for loans in existence on Dec. 15, 2017). If you used the equity loan to pay medical expenses, take a cruise, or anything other than home improvements, that interest is no longer tax deductible.

Here’s a big FYI: The new rules don’t grandfather in old home equity loans if the proceeds were used for something other than substantial home improvement. If you took one out five years ago to, say, pay your child’s college tuition, you have to stop writing off that interest.

 

 

 

 

 

 

 

 

 

 

4 Tips for Navigating the New Tax Law

1. Single people may get more tax benefits from buying a house, Liddiard says. “They can often reach [and potentially exceed] the standard deduction more quickly.” You can check how much you’re likely to owe or get back under the new law on this tax calculator.

2. Student loan debt is deductible, up to $2,500 if you’re repaying, whether you itemize or not.

3. Charitable deductions and some medical expenses remain itemizable. If you’re generous or have had a big year for medical bills, these, added to your mortgage interest, may be enough to bump you over the standard deduction hump and into the write-off zone.

4. If your mortgage is over the $750,000 cappay it down faster so you don’t eat the interest. You can add a little to the principal each month, or make a 13th payment each year.

 

 

 

 

 

 

 

 

5. If there’s anything Advantage Real Estate can assist you with, don’t hesitate to contact our office.

 

5 Tricks to Keep Your Pipes from Exploding This Winter

#1 Turn On Your Faucets

If the temperatures have dropped into freezing and intend to stay there, turning on your faucets — both indoors and out — can keep water moving through your system and slow down the freezing process. There’s no need to waste gallons of water: Aim for about five drips per minute.

 

 

 

 

 

 

#2 Open Cabinet Doors

During cold weather, open any cabinet doors covering plumbing in the kitchen and bathroom. This allows the home’s warm air to better circulate, which can help prevent the exposed piping from freezing. While this won’t help much with pipes hidden in walls, ceilings, or under the home, it can keep water moving and limit the dangerous effects of freezing weather.

 

 

 

 

 

 

#3 Wrap Your Pipes

If your pipes are already on their merry way towards freezing, wrapping them with warm towels might do the trick. You can cover them with the towels first and then pour boiling water on top, or use already-wet towels — if your hands can stand the heat (use gloves for this). This should help loosen the ice inside and get your system running again.

 

 

 

 

 

 

 

 

#4 Pull Out Your Hairdryer

A hairdryer (or heat gun) can be a godsend when your pipes are freezing. If hot rags aren’t doing the trick, try blowing hot air directly on the pipes. Important note: You don’t want to use a blow torch or anything that produces direct flames, which can damage your pipes and turn a frozen pipe into an even worse disaster. You’re trying to melt the ice — not your pipes.

 

 

 

 

 

 

 

#5 Shut Off The Water if Pipes Are Frozen

Have your pipes already frozen? Turn off the water immediately. (Hopefully you know where the master shut-off is, but if not, now’s the time to find it!)

Make sure to close off any external water sources, like garden hose hookups. This will prevent more water from filling the system, adding more ice to the pile, and eventually bursting your pipes — the worst-case scenario. This also will help when the water thaws; the last thing you want after finally fixing your frozen pipes is for water to flood the system — and thus, your home.