Bringing Back Sligo

Breathing new life into an Italianate home in Fredericksburg, Virginia.
Bringing Back Sligo
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    • Rehabilitation Tax Credits

      Posted at 10:48 am by Lauren Tepaske, on April 27, 2021

      One of the biggest deciding factors for having Sligo listed as an historic property was to try and take advantage of the rehabilitation tax credits provided at both the state and national level. Considering the scope of work needed to make Sligo a livable space any little bit of reimbursement would be helpful in mitigating the costs. At the state level I believe the percentage is 25% of qualifying expenses and at the national level I believe the percentage is 20% of qualifying expenses. In a perfect world one could claim 45% total in tax credits but our world is far from perfect. The national tax credits can only be applied if the property is income producing so that makes it a little more complicated considering we have claimed the main floors of the house as our own, single-family dwelling (for now…more on that later).

      We knew enough to keep all of the receipts and invoices from the project which we did with a very systematic approach of stuffing everything into one folder. What I wish we knew, and I am certain Marcus would agree, is that we needed to keep every receipt and invoice along with how they were paid. So, for example, if we went to Lowes and purchased $2.00 worth of screws (and don’t go laughing at me because I’m ignorant to the price of screws and stupid, woman don’t you know screws cost at least double that this is just a hypothetical situation so calm down) we needed to be able to show from which account we purchased said $2.00 worth of screws. If you’re like Marcus and I, between the two of us, we have about six different accounts a purchase could have been made, including major credit cards. Keep reading and I’ll give you our social security numbers next!

      Marcus took on the task of sorting through the receipts, pulling account statements, and generating a massive Excel spreadsheet all while using what we fondly refer to as “Franken-computer” which is a laptop whose basic function now is merely for the computer itself while every other aspect has been outsourced with a separate monitor and keyboard. We have another laptop which is what I am currently using but it’s painfully slow. When it comes to electronics (and cars and phones) we are not up-to-date in the slightest. This is all to say that the task of sorting through 2 years of receipts and accounts was made all the more difficult by our current computer situation.

      Finally, after all of that, we Marcus has the spreadsheet ready to go to the accountant who, in this case, specializes in Virginia historic tax credits. We are hoping to get all of the state tax credits back and expect a portion of the national tax credits back for the basement which is a rental unit and therefore income producing. Which brings me to my “more on that later” comment which is this: Who wants to rent a three bedroom, roughly 3,000 square foot historic home for three years? Because *drumroll please* we are moving to Singapore!

      Posted in Historic Registries, Life, Main House, Uncategorized | 0 Comments
    • Happy Anniversary!

      Posted at 7:17 am by Lauren Tepaske, on August 1, 2018

      Today is Marcus’s and my 9th anniversary.  Despite the hard time I give him for some of the situations we find ourselves in (uninhabitable homes for one) we’re still just as happy as the day we were married.  Plus, it’s not one sided; Marcus gives me an equally hard time (for being perfectly awesome) it just isn’t as obvious because his social media presence is practically nonexistent.

      We were married at Blandfield Plantation because we fell in love with the house and the grounds, both of us appreciating the history of Virginia and the workmanship of homes that have stood for hundreds of years.  Maybe, then, it makes sense that we find ourselves in the beginning process of renovating our old home?  Is this what they mean by “coming full circle?”

      Tepaske0183 (1).jpg

      August 1, 2009, Blandfield Plantation.

      Posted in Uncategorized | 5 Comments
    • Recent Posts

      • Preoccupied December 20, 2021
      • The “Haunting” of Sligo August 4, 2021
      • Rehabilitation Tax Credits April 27, 2021
      • Put Me in Blogger Jail April 6, 2021
      • Virginia Historic Registry and the National Landmark Registry August 6, 2020
      • My Good Boy, Axel July 14, 2020
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