My question is can I still foreclose on the property this year.

It allows a substantial portion of the asset's cost to be deducted in the first year of service.In 2023, the bonus depreciation rate is 80%.In 2024, it decreases to 60%.In 2025, the rate further reduces to 40%.COST SEGREGATION:Cost segregation involves dividing a property into its individual components for tax purposes.Some parts age faster, like carpets or paint.Your CPA can use this info to more accurately depreciate elements of your property leading to potential tax savings.BASIS:Your basis is the initial price that you paid for your property, including any expenses or improvements.Knowing your basis is crucial for tax purposes, as it's used to evaluate depreciation & determine the capital gains or losses if/when your property sells.LAND VALUE:This is how much your land is worth without any buildings or improvements.Land doesn't get old like buildings, so you can't depreciate it.

They passed the resolution.

I tried looking for a somewhat relevant forum to post this under so this is where i landed.

I'm assuming my friend has the right to do so since the tenant hasn't paid their utilities, and they are officially no longer a tenant but a squatter until the sheriff comes.

There is roof damage, probable damage to the trusses, and the water line busted.

Maybe listen to that when it comes out in a couple weeks and see if any other nuggets of info come up in the discussion.

We're familiar with the area and have been vacationing there for over 20 years.  

It was a newer subdivision and the builder had pulled out due to the Great Financial Recession of 2008.

I'm working with a contractor for the first time on a cosmetic renovation from out of state.