Lake of the Woods stats through February 22, 2016: Owning a home, and eventually selling it, can offer you opportunities for deductions on your taxes, and we wanted to outline the major tax breaks for homeowners today. Are you taking advantage of these tax benefits? In many cases, you can fully deduct the amount of your mortgage interest on your taxes. The IRS has a chart you can use to help determine if your mortgage interest is fully deductible. Available until the end of this year, homeowners who have installed solar hot water heaters, solar electric systems, wind turbines, or qualifying energy-efficient home improvements can take a tax credit as part of the Residential Energy Efficient Property Credit. In addition to deducting your mortgage interest, you can also deduct the annual taxes you pay on your home’s value, called real estate taxes. If you have been considering buying a home in Lake of the Woods or elsewhere in the area and are ready to start your search, we can help you find the perfect home that falls within your budget and provide you with helpful real estate resources to make the journey to homeownership as smooth and enjoyable as possible. Lake of the Woods, VA, Real Estate Stats for January 2016 By Pat Licata REALTOR® By Pat Licata-REALTOR Tucker is clearly “tuckered out” from his misadventure!
Archives: February 2016
Lake of the Woods Real Estate Stats
The Lake of the Woods SPRING OPEN HOUSE is Sunday, May 15, 2016! If you are thinking of selling, call me at 540-735-7998 for a free market analysis and suggestions to get your house ready.
It’s another beautiful day at the lake!
Licata on the Lake
Take Advantage of These Homeowner Tax Breaks
There are many benefits to owning a home: A home is an investment that can earn equity, is often cheaper to buy than to rent, and is your own place that you can fill with wonderful memories.
But another great benefit about owning a home is the financial benefits that you can take advantage of during tax season.Major Tax Breaks for Homeowners
Deduction for Mortgage Interest
A mortgage interest credit is available for lower income homeowners for part of the home mortgage interest that they pay.Credit for Energy-Efficient Home Improvements
The credit is for 30% of the cost for these energy-efficient home improvements.Deduction for Property Taxes
Deduction for Capital Gains
If you have used your home as your primary residence when you sell, you can exclude up to $250,000 in capital gains from the home sale on your taxes (or $500,000 if you are married filing jointly).
To learn what other tax benefits you may take advantage of, visit the Credits and Deductions page on the IRS website or read this MarketWatch article about other tax breaks for homeowners.Let Us Help You Find the Perfect Home
Contact us today at 540/735-7998 and let’s talk about your goals for owning a home.
Until next time…It’s another beautiful day at the lake!
Pat Licata – Realtor
Real Estate Stats for Lake of the Woods, VA-Jan 2016
In the month of January, a total of only 4 homes were sold. 3 were standard sale, 1 between $100-$175K, 1 between $250-350K, and 1 over $500K. There was 1 foreclosure in the $100-175K price range. There weren’t any short sales sold in January, and no lots sold either.
However, don’t let those low January real estate stats fool you. February is hot! Within the last two weeks, 4 of my listings have gone under contract, I just received an offer on another listing, and my team has written two offers for buyers. If you are thinking of selling in the not-so-distant future, check out this blog post for some tips to make it easier when the time is right for you: Tips for LOW Sellers
Here’s a link to real estate currently for sale in Lake of the Woods: LOW active listings
It’s another beautiful day at the lake!
Tucker's "Misadventure!"
If you know anything about me, you know that I am an animal person. So I’m sure you can imagine how excited and proud I was to learn that the Orange County Sheriff’s Office and Lake of the Woods Fire & Rescue were both involved in a heroic rescue of 12 year old yellow lab, Tucker! And my friend, Anita Walton, owner of Locust Grove Veterinary Clinic, and her staff treated Tucker after the rescue!
Tucker escaped from his home at around 6:30pm on February 1st, and his frolics landed him in the ice cold water of a frozen pond not far from Lake of the Woods off of Rapidan Hills Road. While we can only guess exactly how long he was stranded in the pond, chest deep, it was at least a few hours. Fortunately he was noticed, and that’s when our fine rescue crews sprung into action! With the assistance of Orange County Deputies Broyles and Cutone and firefighter Jeff Leibold, the dog was pulled from the pond by firefighter Aaron Lovell, who himself fell through the ice when pulling the lab to safety. The lab was then taken to Locust Grove Veterinary Clinic. After a short stay at the clinic, where Tucker received a well-needed “spa treatment package,” he was off to the Orange County Shelter for the night. His owners then retrieved him the following morning.
These caring actions of so many people involved to save the life of Tucker is just one of the many reasons why our community is so fantastic!
Until next time…It’s another beautiful day at the lake!
