Wow, what a gorgeous home/room/windows/view/floors! Are you rebuilding the fireplace or just adding above it? Honestly, I think it's kind of refreshing to NOT have a stone fireplace, but, of course, they can be beautiful and would be in your room, I'm sure. Do you have inspiration pics of things you might like or choose? I know lots of people don't like painted over paneling, but it doesn't bother me at all. I wouldn't have noticed if you'd not mentioned it.

Honestly I got really inspired on what to do for my Dining Room, Master Bedroom, Kitchen, but i have hit a block with this room... I have no idea what to do.

I agree, very pretty indeed with lots of potential to be a gorgeous space. I am a huge fan of stone fireplaces, expecially when quartzite stacked stone is used, but I tend to lean towards more natural and earthy decor. What I'd think would do if it were me though is to build a wood surround for it. Then I'd take advantage of that long wall and flank it with built ins for books and storage.

Something like one of these maybe? Then that painted paneling becomes a none issue.

Hmm. Maybe I could do some sort of built in shelving/bookshelf.

I think it could be a really beautiful addition to the room. If you have a restrictive budget, there's an active thread right that has a lot of ideas using Ikea hacks.

Need Ideas for bookcases on a budget

It all depends on your budget, however saying that you are very lucky starting with a beautiful light filled room. Do as Olychick suggested look for inspiration online or magazines. Colour preference, also Let us know your style preference. lukkiirish has shown some lovely inspirational rooms. I think this is going to be lots of fun watching your room evolve.

When was the house built (guessing 60s, maybe 70s)? Can you show us pictures of the rest of the house?

Lukki's pics are pretty, but my impression is that they'd be a sharp turn from the original style of the house. I'd figure out the original style of the house, and look for inspiration there first. Maybe you'll want to take it in a different direction, but it's a place to start.

Built in 69 i believe. I am posting a picture of the room as well as a picture of how a plan to design it. ( or at least take inspiration from)

Here is the bedroom

Which I am designing similar to this room ( with the wood wall)

This is the dinning room

Which I am going to paint something like this ( NOT THE FURNITURE STYLE IM GOING WITH) Im going with more brass and dark wood than gold.

My kitchen is getting a complete remodel. Im going to open it up halfway to the dining room.

and am going with something like this....

You have a lot on your plate. It's not necessary to decide everything all at once unless you are paying a decorator and contractor to swoop in and do everything.

Since the living room ideas are not flowing, I would hold off on making a plan. You'll learn things and get inspiration while you are working on the other rooms.

I'm not sure of the style of your house but careful about adding trendy or expensive permanent changes that might clash. Your bedroom wood wall looks a modern farmhouse element and your kitchen cabinet style and finish look a bit Tuscan.

If you are dying to make new purchases for the living room, I would start with a great rug and build from there. You have a great space and it looks very livable. There is no need to jump in and make a bunch of changes right away.