Danny Trejo offers tax repayment plan

Danny Trejo has offered to pay $800,000 per year for the next five years to settle his debts after filing for bankruptcy earlier this year.

Danny Trejo

Danny Trejo has offered to pay $800,000 per year for the next five years to settle his debts.

The 'Spy Kids' actor filed for bankruptcy earlier this year, listing $2.2 million in assets and $3.6 million in liabilities, which were largely in back taxes that the 77-year-old star said was caused by the IRS taking improper deductions for years.

And now, according to RadarOnline.com, Danny has proposed a repayment plan that would see him make payments totalling $800,000 per year until early 2028 as part of his Chapter 11 bankruptcy, which is often referred to as “reorganisation bankruptcy”and lets a company stay active while it restructure itself.

Danny's case covers the actor individually, and doesn't include his successful business ventures including stakes in a coffee/donut shop, a taco restaurant, and a record label.

Court records show the 'Desperado' star's monthly income is $165,000 and his expenses over the same period total around $14,000.

The veteran star's assets include a $1.2 million home in Mission Hills, California, and a second property in the state, worth $750,000, in the Pacoima area.

In addition, the 'Machete' actor has a fleet of cars, including a 1942 Chevrolet Master Deluxe worth $10k, a 1976 Cadillac Seville 4D worth $12k, a 1998 Cadillac Eldorado 2d worth $5k, a 2001 Cadillac Eldorado 2D worth $7,500, a 1961 Ford Truck worth $15k, a 2006 Range Rover worth$6k, a 1997 Cadillac Eldorado worth $2k, a 2005 Ford Truck worth $8k, and a 2006 Mercedes Benz worth $12,500, as well as a Harley Davidson motorcycle worth $7,500.

Danny previously told TMZ he had ended up in his financial he had been “mistakenly” claiming deductions “over the years” that “caught up with him'.

The outlet added he joked he is now aware dog grooming is not a “legit expense” that can be written off in tax filings.

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