The case specifically stated that the taxpayers used wife's calendar and receipts to reconstruct the time and entries on both spreadsheets for the first half of 2014, and that for the second half of 2014, the time entries came from a contemporaneous log wife maintained on her phone on which she entered the date, location, time and description of each task she performed.

-- so glad to reconnect) is spot-on in her explanation of the income-property pro forma -- especially her emphasis on the need for "best case," "worst case," and "most likely case" scenarios, which implies that you are reconstructing the seller's representations (as suggested by @Andrew Syrios), not swallowing them whole.In regard to development pro formas, I might add that our approach has been to produce month-by-month projection of the project's cash inflows and cash outflows (including loan draws and repayments), along with monthly estimates of project absorption.

Then in 2012 the property had significant basement reconstruction & drainage work (old block basement) with all the required permits & inspections including that of the sump pump where the french drains were to terminate. 

When I asked what this was all about I get a response saying that they convinced the carrier to use their reconstruction calculator and agreed to bring the increase down to around 59k.My question to other landlords and insurance people out there: 1.)

Redevelop - Meetings discussing demolition and redevelopment Construction, Reconstruction, Acquiring, Converting, Renting, Managing, Leasing, Selling of Real Estate.

Apologies first for such amateur question: in new developments, when construction companies quote construction cost for "$ X/sf", is this number usually "the total construction cost divided by living square foot ONLY"...

Finance, Well put; I will however, say that the IRS will allow you to reconstruct expenses, if they are deemed reasonable.The law however does in fact say that for all businesses you are required to take all expenses you incur for which you have documentation.

Rehabilitation Tax Credit - Real Estate Tax TipsThe rehabilitation credit applies to costs you incur for rehabilitation and reconstruction of certain buildings.

I would ask your insurance agent how did they arrive at such a high reconstruction value...I am a Farmers agent and we use a software called 360 value where you input the address and based on the area/and the number of claims and material used in that particular area the software will tell us a guestimate of the amount it would take to rebuild the home...So this is very important because it directly affects your insurance premium (the money you are paying for that specific coverage) The personal property amount should be lowered if you don't think you need this much because again this is affecting you premium and you're basically being over insured which costs money...liability at 300K is what I suggest when the owner is residing at the property if you are not living in the property and you renting it to others I would suggest 500K the maximum (for Farmers) is 1 million....medical payments to be honest will rarely be used (this is for example someone gets hurt on your property and they come after you for medical payments this would come from here) but to be honest if someone gets hurt on your property and they come after you for money is going to be more than $3K thats why its important to have the right amount of liability this is where the monies would usually come from...and loss of use is the monies that would be applied to a hotel stay while your property is being reconstructed from the covered loss that occurred...on the other hand if you are renting the property these monies would go towards the rents you would go without while the property is inhabitable...hope this helps!

The first to come to mind: I let a tenant begin moving in before the bathroom 'reconstruction' was complete.