Amy Poching
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Appearances Over Time
Podcast Appearances
And so for them...
they have $37,000 of taxable profit.
Sheesh.
So it's $12,000 a year in tax that they're paying.
And the problem is, one of the problems is that the debt...
On the investment properties, they're paying a lot of principal off that.
So it's not like they've got $37,000 of income to actually pay $12,000 of tax.
To pay the principal, yeah.
And then, so they're paying off the investment debt over like 15 years.
And then they've got this home mortgage, non-deductible debt, over a 30-year term.
So...
I've been working with their accountant and lawyer around how we can restructure this.
And so it involves selling the investment properties to a company and restructuring the debt.
Yeah.
Well, saving them $12,000 a year.
And the focus is on paying down the home mortgage now and kind of switching it around.
So we're paying the home mortgage down over 15 years instead of the investment properties.
Yeah.
Faster.
Nice.