Spring has Sprung: A May Checklist For Homeowners

Due to cooler temperatures and an incredible amount of rain, St. Louis has been slow to switch focus to our outdoor living spaces.  It has been a busy week here in Casa de Nenonen as we too play catch-up and continue to slowly prepare our yard for warmer weather between bouts of rain.  Parallel to that, we have had a rotating door of contractors visiting this week to do everything from power wash the exterior to aerate and fertilize the lawn.  

While I take a lot of pleasure in the planting and garden aspect of the process (my herb starters-hurray!)...

The money and time-management of the other projects?  Yeah, not-so-fun.  That being said, I have learned over 20+ years of home ownership that being proactive in the Spring almost always reduces an enormous amount of headache in the Summer and Fall.  I will also note that my weekend showings served as a terrific reminder (aka a serious kick-in-the-pants) to get started as 5 of the 11 properties that I showed in the rain this weekend had wet basements.  ALL FIVE OF THEM HAD GUTTERS OVERFLOWING WITH LEAVES.  Not a coincidence, friends. Read more about preventing water in your home HERE.

As we get periodic breaks in the rain, place your focus here Homeowners:

Clean Home Exterior:               

_ Clear all gutters, downspouts, and exterior drains of debris

_ Clean siding (TIP: if you have this professionally done like we do every other year, generously spray your plants with the hose right before the power washers arrive to protect your landscape from absorbing the chemicals.)

_ Decks and Porches: Clean, make repairs,stain

_ Patios: Clean and repair as needed

_ Windows and Screens: Clean and make repairs

Landscape:

_ Rake Leaves

_ Aerate, fertilize, and seed lawn

_ Prune shrubs (tip for pruning grasses HERE)

_ Remove weeds

_ Mulch garden beds 

Miscellaneous:

_ Check Sprinkler system

_ Schedule termite and pest inspection

_ Service your mower, have blades sharpened 

_ Check fences and gates

_ Seal driveway

_ Test outdoor lighting 

_ Inspect concrete for patching needs

_ Inspect brick for tuck pointing needs

_ Check roof for damage

_ Repair peeling paint 

_ Stain or reseal exterior wood 

10 New Years Resolutions For Your Home in 2019

A warm thank you to Manage My Life for this terrific advice heading in to 2019...

10 New Years Resolutions for your Home

Tradition dictates that every January 1, we resolve to make a life improvement, big or small. Improving your home can improve your life, so apply the most popular New Year's resolutions to your home.

1. Lose weight
A bit of weight loss goes a long way in a home. Sell, donate, recycle or discard the stuff you never use. When your home is less cluttered, the rest of your life just might follow suit.

2. Quit smoking
If your home is smoking, you need to know about it. Install a smoke detector on every level of your home and outside the sleeping areas. Keep your resolution charged all year by changing the batteries in your detectors twice a year.

3. Get organized
A place for everything, and everything in its place — ever heard that one? Organize files, storage areas and living spaces. Professionals can lend a hand, or you can tackle the job yourself. Either way, your life runs more smoothly when you can find things when you need them.

4. Improve your appearance.
You'll be most content in your home when you're happy with it aesthetically. Refreshes could range from fresh flowers to improved lighting to new flooring. When you revitalize your home, it revitalizes you right back.

5. Make more money.
Small projects can add big profit if you plan to sell your home. Some can be found in simple fixes — a fresh coat of paint, a new rug, less furniture and less clutter. Although the return on your investment depends on your timing and the market, the most profitable changes are a basic kitchen update, a revitalized lawn, an energy-efficient fireplace and a second bath.

6. Save money.
Consistent, proper maintenance of your home can save big money in the long run. If ignored, small things like worn washer hoses, clogged gutters or dead tree limbs can become costly problems. A regular maintenance plan can prevent emergency repairs from taking you to the bank.

7. Drink less.
Is your energy consumption out of control? You can start with the easy fixes — use compact fluorescent light bulbs, rechargeable batteries and fewer disposable items. Turn off what you're not using and adjust your thermostat. Bigger ticket items include energy-saving appliances and low-flush toilets. These changes not only decrease your energy bills, they also place fewer demands on the planet's resources.

8. Go back to school.
Attend home maintenance classes and learn about home improvement projects. If you're calling in a professional, educate yourself about the appropriate processes, know what questions to ask, and then ask them.

9. Try something new.
Never hung a picture? Never built a deck? With the right tools and education, you can manage a lot on your own. Set your sights on a project that's realistic for you and go for it.

10. Spend more time with family and friends.
Your friends and family will line up at your door to help celebrate your accomplishments!

Homeowner Tip: Secure your garage while on vacation

Vacation season is in full swing - protect your home! Most homeowners aren't aware that the bulk of garage doors have a little added security feature: a manual slide lock that you can engage to prevent the door from raising.

Gardening Tips for New Homeowners- Where do I start?

Over the last week, I have noted that my daffodils, crocus, and tiger lilies have begun to emerge from the ground.  Sure sign of Spring- exciting!

Knowing that I enjoy the time in my garden, my new homeowner clients occasionally contact me after closing with basic gardening questions.  Exteriorly speaking, when you purchase a home you inherit the landscape from all of the property's past owners!

 The good...

Like a sizable, well-placed hydrangea or peony plant that typically takes YEARS to establish, let alone flower.   Anyone who has planted one can assure you that it can take a DECADE to get blooms the size of their head!

The bad...

Like well-established ivy that has been given free-reign to be as invasive as it would like to be, compromising the architectural integrity of the structure by penetrating the tuck-pointing, siding, and often times gutters and roof.

And well,  the ugly...

Poorly placed, overgrown, and unattractive landscape elements can often add nothing but negative value to the exterior of a property.

In the ideal situation, when making the yard your own, you save what you can.  The task of sorting out a project of this magnitude, however, can be daunting.  Landscaping and "making over" a garden is meant to be a process NOT a weekend project.   To remain sane (ha!), one must keep it simple, take it slow, and not bite off more than they can chew.

My advice, from my personal experience...

1) Enlist the help of the Seller.

If it is obvious that the previous homeowner put a significant amount of time, money, energy,  and/or heart into the outdoor space of the property... they are also typically eager to pass along their care information, including a garden overview and their pruning and care schedule. 

If the Seller didn't freely offer that information at the close of escrow- ask your Realtor to please request it.   It is worth a shot!


2) Dig it up, cut it down, yank it out!

If any part of your landscape is threatening your structure in any way- deal with it now.

If a tree branch is touching the structure or hanging over the roof- trim it!  If ivy is climbing up the foundation or even worse, penetrating your structure in any way- yank it out!  If the sidewalk is overgrown with ground cover- clean it up!  If weeds are invading your flower beds- pull them out!

Even if you don't necessarily like what you are working with, clean it up and get it under control before you do anything too drastic to change it. 

The most important focus initially is to prevent any further damage to the property. Then focus can shift to getting the basic upkeep back up to par: mowing, weed control, trimming, pest control, mulching,  aerating, seeding, etc.  From there, you can make improvements.

3) Identify what you have.

Are the blooms that you see annuals that the previous homeowner planted to punch up the color in the garden or are they perennials that will come back year after year on their own? 

•  Learn landscape terminology:  The first step in determining what you have is to learn the terminology, as you will need that knowledge from this point on.  Simple terminology articles like this cover the internet and can be extremely helpful to a newbie gardener. 
• Identify:  The second step is putting a name to what you see so you can research it- what is it, when and how long does it flower, is it drought resistant, what type of care does it require, when is the appropriate time to prune it, etc. While the internet is a great resource, I still recommend purchasing a book- trust me, you will use it.  There are HUNDREDS of fabulous choices, just ensure that you try to purchase one specific to your region, if possible.
• Allow for a full growing cycle, by giving it time: This is always the toughest step for a newbie gardener, craving a beautiful Pinterest-worthy outdoor space NOW!  It is rare for a new homeowner to have to start from scratch with nothing worth saving.  The challenge?  What is lurking beneath the soil, preparing to pop up and deliver beauty to the garden?   The fact is: a seasoned Midwest gardener plants perennials that will emerge, flower, and peak at different times of the year to ensure a lush and interesting garden through all of our distinct growing seasons.  The biggest mistake that I see repeatedly from novice gardeners is not allowing their garden to perform for a full 12 months before they start making major changes.  Often times, they destroy the layout and performance of a well thought-out garden, and do not discover that they have done so until it is too late.

4) Plan.

Do not purchase a thing until you can answer these basic questions...

• What are you trying to achieve in aesthetics and functionality?  Color, shade, filler?
• What direction does the property face?
• Are you working with shade or sun?  If partial sun, is in morning or afternoon sun?  Yes, it matters.
• What plants draw your eye?  What flowers do you love?  Do you like soft, colorful blooms or plants with more structural visual interest?  Start a Pinterest Board (this is my personal Green and Garden board) and begin to compile the items that draw your eye AND would flatter the exterior of your property.
• How much time are you willing to give?  If not a lot, stick with hardy and drought -resistant perennials that require very little upkeep.  If you like to get your hands dirty, an annual-heavy outdoor space can really bump up color and beauty!
• Do you wish to incorporate edibles?  Herbs, veggies, fruits trees?
• Does your soil remain moist?  Do you have easy access to water?  Do you have an irrigation system?  If not, are you willing to commit to watering your new plants by hand or have a system installed?
• Do you have specific pest issues?  Grubs, moles, Japanese Beetles, that I wrote about a few years ago. For example, we live in an neighborhood that is highly populated by deer.  Everything that I plant must either be protected OR something that deer do not enjoy eating or it will be gone my early summer.
• Are you trying to attract more friendly garden visitors?  Butterflies, bees, hummingbirds?
• Do you have well thought-out beds/ soil retainment or do you need to create some?
• Does your soil PH need to be adjusted to grow the type of plants that you wish to incorporate?  For example, if your yard has a lot of pine, high acidity is likely.  From my experience, Azaelas and Gardenias would probably thrive in your yard while lilacs would suffer.  Know your PH- this article can help- and adjust your soil or plant accordingly. 

5) Ask for help.

Does your best friend or family member have a green thumb?  Invite them over for brunch and garden advice!  Do any of your new neighbors have a showcase yard?  Introduce yourself and pick their brain.  Contact a landscaper.  Ask the experts at your local nursery or big box store.  Enlist the advise of your favorite gardening blogger (mine is Steve Bender, who I tweet continuously). Reach out to local resources- the Missouri Botanical Gardens in St. Louis.

If you don't have resources,  ask the people who you trust the most for their referrals.  Ask them who designed their garden.  Ask them where they typically purchase their plants.

Regardless, do not be afraid to reach out!

6) Give it time, and be patient.

Resist the temptation to overcrowd your plants.  By planting garden elements too close together, you do nothing but create more work for yourself down the road.  Research the eventual size of your new plants and place them accordingly!  I spotted this quote and fell in love, as it is so true...

What may make for a sparse garden today, will result in a beautiful, low-maintenance garden tomorrow!  Spacing your plants properly allows them to live up to their full potential in the future.  If the bare space during the interim is driving your crazy... use annuals as filler.

7) Have fun!  Nothing is permanent, if you don't want it to be.

This is my absolute favorite aspect of gardening, and why it is my personal stress-reliever!  Be as bold and adventurous as you want to be, as it is impossible to make a mistake that cannot be remedied.  Do not be afraid- this is the ideal place to take chances and try new things!

If you don't like it, change it.  If you change it and your plan didn't work out- dig it up and start again! 

Let your imagination run wild with color and texture in your garden.  Create a space that functions well, but also incorporates the colors, scents, and textures that you adore.

Your roof may have hail damage!

 

We have experienced WICKED weather in St. Louis over the last week: sizable hail, lightening, and inches of rain.  It has been enough to cause every local homeowner alarm.

I spotted this during a showing in Clayton yesterday...

 

 

Evidence of mineral deposits at the base of a property's downspouts after a hail storm is a RED FLAG.

When hail impacts a roof, it degrades the shingles and loosens the granules.  If your property boasts standard asphalt shingles, you'll want to check around the downspouts for excessive granule buildup. 

If evident, there is a strong possibility of roof damage from the storm and further investigation by an insurance professional or roofing contractor is needed ASAP.

If you are in the middle of a Real Estate Transaction and a big storm hits: 

Both parties:  The Seller needs to make the Buyer aware of the damage ASAP.  The Buyer needs to re inspect the property immediately.  The Seller's Disclosure requires revision with new signatures by both parties ASAP.   An Amendment to the Contract will need to be drafted by your Realtors immediately, as dictated by the Title Companies and Buyer's Lender (who will need to review the Seller's insurance claim first)!   The document will likely address the timeframe of the repairs,  the terms of material/color selection, and the selection of the contractors who will actually complete the work.   All of these important factors of renovation must be mutually agreed upon by both Seller and Buyer. 

Buyers:  If you have a house under contract and a storm hits mid process:  immediately re inspect the property with your Realtor, verify with your Realtor that the Homeowner has filed an appropriate claim with their insurance company, and ask for an updated Seller's Disclosure ASAP.  Upon completion of the work, the Seller will submit all receipts to your Realtor, who will then submit them to you, your lender, your title company, and you insurance company for review and underwriting.  Upon completion of the work, you will also need to re inspect the property as part of your Final Walkthrough, to ensure that the work was completed as agreed.   

Sellers:  If you currently have a property listed, inform your Realtor of the damage ASAP.  Arrange a time for your Buyer to view the damage.  File the appropriate insurance claim ASAP and make a Seller's Disclosure revision immediately with guidance from your Realtor.  All terms of the repairs will need to be mutually agreed upon via an Amendment to the Contract- do NO WORK on the property until that is initiated!   Upon completion of the work, you must submit your receipts to your insurance company and your Realtor, who will pass it along to the Buyer's Realtor and your Title Company

NOTE:  Sellers, if you do not act quickly, the closing of your property could be severely delayed and/or compromised!  You risk your Buyer growing uneasy and negatively affecting their insurance and/or borrowing eligibility for your property! 
 

Own a Home? Check Out These 8 Tax Breaks

Ahh, tis the season!  We can all use a little help, no?  Hence when I stumble upon a useful article, particularly during this time of year, I try to share it.  One of the most substantial benefits of owning your own home is evident at tax time in the form of deduction! 

This article that I stumbled upon on YAHOO! Homes is a fantastic guideline to ensure that you are maximizing your deductions...

Own a Home? Check Out These 8 Tax Breaks

By Mary Boone | Zillow – Wed, Feb 20, 2013 1:02 PM EST

Taxes are due April 15, which means it’s time to start gathering your W2s, 1099s, child care receipts and bank statements.

 

But before you sit down with your accountant, it’s important for you to know that merely owning a home could mean you qualify for tax breaks. In most cases, you need to itemize your taxes in order to take advantage of these deductions. Yes, it makes the tax-filing process seem impenetrable, but the benefits may outweigh the complications.

Here are a few of the tax breaks you’ll want to investigate:

Mortgage interest paid at settlement

Take a look at your closing statement; one item that’s generally listed there is home mortgage interest. On a mortgage of up to $1 million, you can deduct the interest that you pay at settlement if you itemize your deductions on Schedule A (Form 1040). This amount should be included in the mortgage interest statement provided by your lender.

Points

Did you pay points in order to obtain your home mortgage? These fees are included on the income tax deductions list and can be deducted as long as they are associated with the purchase of a home. If you refinanced your home, these points are still deductible, but it must be done over the life of the mortgage.

Property taxes

As long as they are based on the assessed value of the real property, you can deduct your state and local property taxes. However, if your money is being held in escrow for the purpose of paying property taxes, you cannot claim this deduction until the money is actually taken out of escrow and paid. If you do this, check your Form 1098 for the amount you may deduct. Be aware that if you receive a partial refund of your property tax, the amount of the deduction you can claim will be reduced.

Selling costs

If you sold a home in the past year, you may be able to reduce your income tax by the amount of your selling costs. These costs can include things such as repairs, title insurance, advertising expenses and broker’s fees. The IRS only allows the deduction of repair costs associated with selling if the repairs were made within 90 days of the sale. It’s also crucial that the repairs were made with the intent of improving your home’s marketability. Selling costs are deducted from your gain on the sale.

Home office

If you use a portion of your home exclusively for the purpose of an office for your small business, you may be able to claim a deduction on your taxes for costs related to insurance, repairs and depreciation. You may only claim this deduction if the space within your home is used exclusively and regularly as either your principal place of business or a place where you meet and deal with customers or patients. You may also be able to take advantage of this deduction if a portion of your home routinely is used for storing items (product samples, inventory, etc.) used in your business.
In tax year 2010 (the most recent year for which figures are available) nearly 3.4 million taxpayers claimed the home office deduction.

Mortgage insurance premiums

You may be able to deduct the premiums paid for private mortgage insurance for your principal residence and for a non-rental second home.

The deduction begins to phase out once your adjusted gross income reaches $100,000 ($50,000 for married filing separately). In general, you can deduct the premiums paid for the current tax year only.
A qualified tax adviser can provide information about rules for mortgage insurance provided by the Federal Housing Administration, Department of Veterans Affairs and Rural Housing Service.

Home improvement loan interest

If you’ve taken out a loan to make improvements on your home, you may be able to deduct the interest on this loan. Qualifying loans are those taken out to add “capital improvements” to your home, meaning the improvement must increase your home’s value, adapt it to new uses or extend its life. New carpeting or painting are not considered capital improvements, while adding a garage, installing a water heater or building a deck are all examples of capital improvements.

Construction loan interest

If you take out a construction loan to build a home, you may qualify to deduct the interest. The IRS only allows a deduction for mortgage interest if the loan relates to a “qualified” home, which means it must either be your principal residence or a vacation home that you will use for personal purposes.
You can only use this deduction for the first 24 months of the loan, even if the actual construction takes longer.


Tax codes can be confusing. You may want to consult the IRS website for information concerning deductions and credits. Additionally, consider meeting with a professional to ensure you’re not missing any deductions for which you’re eligible.

Gardening tip: Creeping phlox

You know that Spring is finally here, when one of the true season showstoppers finally flowers... ...Creeping Phlox. Personally, I love it. Great color, wonderful texture. Though the gorgeous blooms come and go as quickly as the Spring does here in St. Louis, Phlox provides brilliant Spring color and a nice, thick bed of ground cover for the rest of the growing season.

That being said, many people hate Creeping Phlox. H A T E. There are forums all over the Internet cursing creeping phlox and terming it a weed for the ability to overtake the garden and lackluster looks once the blooms brown up in early summer. Simply, these complainers are not using the plant properly.

Just as one wouldn't consider building their garden around other short term flowering perennial plants like tulips and daffodils, one shouldn't consider building their garden around phlox either. It is an aggressive ground cover, and true to it's name... it creeps. A LOT. In addition, once the blooms are gone, as is much of the beauty of Phlox.

Creeping Phlox is best used as an accent plant. Period. If plans are to use it in mass quantity for a HUGE punch of Spring color, the BEST use is in a small contained bed a top a retaining wall, where it has the room to show off the brilliant color and the amazing ability to quickly "creep" ... It is also lovely when dispersed in rock gardens, for a little punch of Spring color.... These usages tend to show off the plant the best, as once the blooms are lost (and the Phlox is pruned), it provides a hearty bed filler the rest of the growing season. Avoid the most COMMON misuse of Creeping Phlox... Sidewalk border= BAD idea! That is, unless you don't mind your sidewalk eventually disappearing?! ;) Ha! Instead, use it in little nooks of the garden, where the ability to creep and overtake is a visual asset, not a liability...

For more info about Creeping Phlox, click here.

Link Love: Old House Web

Recently, I have received a number of calls/questions from current and past clients about old house issues: seeking advice about cracked plaster, settling, tuck pointing, resources for replacement fixtures comparable to the originals, replacement and/or removal of original boilers or radiators.

After almost 10 years of practicing real estate in a city as old as St. Louis, I am well accustomed to these types of questions. The fact of the matter is that a large portion of our Metro area is pre-WWII. These homes are very ornate, built with careful attention to detail and style, and stand as museums of Old World methods/artistry. Beautiful! Sadly however, without proper maintenance and care over the years... these building methods, meant to stand the test of time, can become costly and catastrophic down the road.

Perfect example: my clients own a home that was built in the 20's. The property has had 6+ owners. They recently came home to find their "slightly cracked" dining room plaster ceiling... on the dining room FLOOR. Ack! Nightmare, but it happens. It just does. It is part of owning an old home at times, unfortunately. That being said, it doesn't make the shock or panic of this situation any less.

Deferred maintenance is a HUGE "no-no" with an older home. The general rule as far as value and respect for a property goes: preserve as much architectural integrity as you possible can. Period. That being said, in the example above, that was not only not realistic but entirely too costly.

It is difficult to find GOOD plaster contractors, even in a city like St. Louis. In addition, frankly, re plastering is not a cost-effective solution for the average Home Owner in 2011. It just isn't. The answer for my clients in this situation: remove all loose plaster, patch it, and cover it with a thin sheet rock. Voila! Gorgeous.

The point of this post? The best part of living in the Age of the Internet is the amount of resources at our fingertips. Over the past month, I have found myself pointing 3-4 of my clients/friends in the direction of one of my favorite web links. After doing so again just this AM... figured it was time for a blog shout out.

If you own an older home, you must know about Old House Web. Period. "Ideas and Advice for Old Home Enthusiasts" indeed! The searchable article database covers the GAMUT of old house issues. Just excellent! My favorite part of this site, however, is the Old House forum. It is a super active discussion group filled with great advice from old house experts/ fellow owners. If you have an issue that has recently come to light, more than likely, it has been addressed on Old House Web. IDEAL starting point and amazing resource for you "caretakers" of an older home...



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April 15th is quickly approaching: Possible deduction tax traps

Does this sight look familiar? Unfortunately, it does to me.

Yes, it is that time of year again, and most of us can use all of the help that we can get?! I found this article on HouseLogic this AM and felt immediately compelled to share! It focuses on possible property tax deduction TRAPS on the Schedule A. EYE OPENING!

I highly recommend that you consider reading this article prior to filing your taxes...

Schedule A Form:

6 Home Deduction Traps

By: Barbara Eisner Bayer
Published: January 27, 2011

Get an “A” on your Schedule A Form: Dodge these tax deduction pitfalls to save time, money, and an IRS investigation.

Trap #1: Line 6 - real estate taxes

Your monthly mortgage payment often includes money for a tax escrow, from which the lender pays your local real estate taxes.

The money you send the bank may be more than what the bank pays for your taxes, says Julian Block, a tax attorney and author of Julian Block’s Home Seller’s Guide to Tax Savings. That will lead you to putting the wrong number on Schedule A.

Example:
Your monthly payment to the lender: $2,000 for mortgage + $500 escrow for taxes
Your annual property tax bill: $5,500

Now do the math:
Your bank received $6,000 for real estate taxes, but only paid $5,500. It may keep the extra $500 to apply to the next tax bill or refund it to you at some point, but meanwhile, you’re making a mistake if you enter $6,000 on Schedule A.

Instead, take the number from Form 1098—which your bank sends you each year—that shows the actual taxes paid.


Trap #2: Line 6 - tax calculations for recent buyers and sellers

If you bought or sold a home in the middle of 2010, figuring out what to put on line 6 of your Schedule A Form is tricky.

Don’t simply enter the number from your property tax bill on line 6 as you would if you owned the house the whole year. If you bought or sold a house in midyear, you should instead use the property tax amount listed on your HUD-1 closing statement, says Phil Marti, a retired IRS official.

Here’s why:

Generally, depending on the local tax cycle, either the seller gives the buyer money to pay the taxes when they come due or, if the seller has already paid taxes, the buyer reimburses the seller at closing. Those taxes are deductible that year, but won’t be reflected on your property tax bill.


Trap #3: Line 10 - properly deducting points

You can deduct points paid on a refinance, but not all at once, says David Sands, a CPA with Buchbinder Tunick & Co LLP. Rather, you deduct them over the life of your loan. So if you paid $1,000 in points for a 10-year refinance, you’re entitled to deduct only $100 per year on your Schedule A Form.


Trap #4: Line 10 - HELOC limits

If you took out a home equity line of credit (HELOC), you can generally deduct the interest on it only up to $100,000 of debt each year, says Matthew Lender, a CPA with EisnerLubin LLP.

For example: if you have a HELOC for $200,000, the bank will send you Form 1098 for interest paid on $200,000. But you can deduct only the interest paid on $100,000. If you just pull the number off Form 1098, you’ll deduct more than you’re entitled to.


Trap #5: line 13 - Private mortgage insurance

You can deduct PMI on your Schedule A Form, as long as you started paying the insurance after Dec. 31, 2006. (Also, this is also a good time to review your PMI: You might be able to cancel your PMI altogether because you’ve had a change in loan-to-value status.)


Trap #6: line 20 - casualty and theft losses

You can deduct part or all of losses caused by theft, vandalism, fire, or similar causes, as well as corrosive drywall, but the process isn’t always obvious or simple:

- Only deduct losses that are greater than 10% of your adjusted gross income (line 38 of Form 1040).

- Fill out Form 4684, which involves complex calculations for the cost basis and fair market value. This form gives you the number you need for line 20.

Bottom line on line 20: If you’ve got extensive losses, it’s best to consult a tax pro. “I wouldn’t do it myself, and I’ve been dealing with taxes for 40 years,” says former IRS official Marti.

Barbara Eisner Bayer has written about personal finance for the past 17 years. She works hard to translate IRSese into plain English. She has unbounded respect for CPAs.

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Seller Tip: Decluttering and staging...

A skilled, well-informed Realtor will instruct their Sellers to do a careful "decluttering" prior to photos and listing. That being said, unless a Seller's home looks like this...


... often times a Home Owner has difficulty determining what needs to stay and what needs to go. The subject of staging often comes up in the lunchroom and/or inner corridors of a real estate office, as many agents have difficulty in asking a Seller to clean it up. They find it to be rude and offensive. As a result, they aren't proactive in the staging process of their own listings.

HUGE MISTAKE.

I have always viewed staging from a very different point of view. No one, or shall I say very few homeowners, live list-ready. I know that I don't?! Let's face it, the majority of us believe that a house is meant to be a HOME and is to be lived in. Most people don't want to live in a museum.

That being said, once a home owner decides to move on, their house immediately goes from a home to a property that needs massive appeal and draw. Hence, the approach to home preparation must immediately become subjective and about 1 thing: getting that property in tip-top shape ensuring an expedient sale while maximizing profit potential. Period.

Proper staging showcases a property's features, making them standout and shine so the property can sell itself. Most Sellers need guidance in achieving this. Honesty is ALWAYS the best policy and most Sellers truly appreciate the advice. If a Realtor is not honest with their client, they are doing them a huge disservice. In addition, they are wasting their own time, energy, and money on a property that likely will not sell.

10 years in Real Estate- I know what works. I know what a Buyer looks for and desires. I know what pre-listing makeovers and renos are worth the money and what aren't. I know where extra care needs to be taken. It is VITAL to convey these things to your client, particularly in this market. I have a detailed checklist for deep cleaning and staging ideas that I supply to all of my clients as a starting point. Prior to photographing the house, I am very active in getting the property ready for sale. You have to be, particularly in this Buyer-driven market.

This subject crossed my mind this AM, when I came across this cute South County ranch during my daily MLS client searches...
This property is the PERFECT example of the importance of staging. Despite being the victim of a Realtor who does not have a great eye for the angles and composition necessary for decent home photography, this poor property was also not decluttered. The average eye focuses on stuff, rather than the fantastic vaulted ceilings...
Stuff rather than the beautiful hardwood floors...
Stuff rather than the fireplace and built-ins...
Stuff rather than the sizable dining area...

It is an unfortunate situation, as this property is located in a desirable part of town and offers a lot of bang for the buck. That being said, with now over 300 cumulative days on the market over the span of 3 listing periods... the property is heading into foreclosure per the listing agent. It makes one wonder, how much the lack of staging/decluttering and poor photography had to do with that...

Common Home Owner Mistake...

As we welcome the gorgeous crisp Fall weather, sadly this sight becomes more and more prevalent:Though I completely understand the desire to keep your firewood handy (and dry under the eaves), I beg you to please resist the temptation to... ... store your firewood up against the structure of your house. Both of these wood piles, seen in my neighborhood en route to my daily trek to drop my son off at school, may as well have a "Free 24 hour Termite Buffet" sign posted above them.

One of the biggest perks of being a Realtor, is the opportunity to accompany several Buyers per year on their ASHI certified inspections, as part of the standard residential contract process. One of the most valuable tools a good Realtor has is their cornucopia of information attained from years of inspections.

The pics I posted above not only raise red flags, but sound off bells and whistles with !!exclamation points!! for a termite infestation.

Termites, super common in St. Louis thanks to our temperate and moisture rich climate, are the number one cause of home damage in the United States. In fact, they do more damage each year than fires, floods, tornadoes, and hurricanes combined in the U.S..

These pesky rascals build colonies underground and enter a property from the foundation, mud tunneling their way up and through the teeny crevices of your structure. Exterior conditions, such as mulch covering the bulk of the foundation, provides the perfect coverage and disguise for termites to sneak their way in and wreak TOTAL havoc before a homeowner even detects them.

A woodpile against a home?

A virtual 5 star Ritz Carlton suite, complete with white fluffy robes and Godiva chocolates left on the goose down pillows at turn-down service.

For good measure, all woodpiles should be kept as far away from your structure as possible. Inconvenient? Yes. Proactive measure against expensive structural damage to your property? YES!

To learn more about termites, please click HERE.