i would recommend to take out the existing tub/toilet/vanity/carpet on the floor and the wallpaper

then i would recommend to either convert the the existing tub in to a walk in shower which would be tough or convert into a tub like this for example https://www.homedepot.com/p/Schon-Aiden-70-in-Reversible-Drain-Bathtub-in-White-Aiden/205738359

then i would do storage as in his and her vanity with a pantry

new floor tiles

Remove tub & put free standing tub under the windows

We have removed our tub, converted to a large walk in shower. Then we turned the old shower into a second closet. For us, the second closet became a shoe closet. But you could make it a linen closet or for additional clothes. I would only recommend this if you have another tub in the house somewhere. Good luck!!

Yes the windows behind the tub our bay windows, so I don't know if it was because justifiable to put a walk in shower there. Wouldn't we have to change the entire outside of the house to do this?

I agree with Kathygrote - don't remove the tub if it's the only one you have in your house. Someone mentioned a new freestanding tub in the bay. I second that suggestion. It should take up less space than your current tub with deck. There's no way you would want to remove your bay windows and I certainly wouldn't install a shower there with windows that will get wet and rot. Can you post a plan of your master bath? That would make it much easier to help you out.

So before thinking of a free standing tub wait until you can go to ashow room and check them out in real life . I find they are difficult to get in and out of they need space all the way around both for looks and cleaning. Please forgrt the toilet room they are the most silly thing ever. IMO if I am in the bathroom no one is coming in to use the toilet. I love the windows so a tub there is nice if you need one , if you have another tub in the house no need for this unless you like to have a bath.If you really want help post a to scale floor plan showing all measurements clearly, plumbing if it can’t be moved all windows doorways. Basically as much info as you can on the drawing , use graph paper it makes it easier to keep the scale. Give us as much info as possible about the use of the tub for sure.

We did remove our windows. We just moved and will remove the giant jacuzzi tub and make a large shower again, at our new house. But we have the window issue again. This time, we will wall over the window and put shower tile in the shower. We don’t want to change the exterior of the house, so we will tint the window, so you can’t see it’s walled off. If we don’t like that, we are going to put on shutters. I know I won’t keep windows open for light, in a bathroom, so they aren’t useful to me anyway. That being said, I do love how windows look in a bathroom and I love natural light, but they aren’t always practical unless you live more rural. You have a great space and it’s going to look great either way!!

getting rid of carpet and wallpaper is going to make a totally different room

I would work with a local pro to document the existing conditions and come up with a couple of schemes showing options for the layout. If you want to relocate the walk-in shower into the tub area, you can include a window made from glass block in a vinyl frame and they are stunning. You can size them to fit most openings and tile them right in. We have installed several and they allow 90% of the light to come through and are completely private. Here are some examples:

Your upstairs tub may not be a deathtrap, but it makes a serious injury likely: up two stairs, then climbing down over a medium-wide deck into a slippery tub without a handle or safety bar to hold onto. I would never ever attempt it.
Remove the steps and decking, leaving the low wall if you are trying to save the cabinetry.
Retile the floor and walls up to the windowsills. Put in a free-standing tub at floor level, or a tile-enclosed tub (without a deck, but with a sturdy grab-bar for security) at floor level.