Lil Kim Settles $1.4 Million Tax Debt
It looks like Lil Kim has settled her decades-long beef with the IRS over unpaid taxes.
According to court documents obtained by RadarOnline, the Brooklyn rapper came to a settlement agreement with the federal tax agency.
The IRS accused Lil Kim (real name Kimberly Denise Jones) of owing $232k for 2003, $58k for 2005, $188k for 2006, $175,910.71 for 2007, $397,148.65 for 2008, and $211k for 2016. In addition, another lien over $126k owed for the years 2010-2013 was released. The grand total of the tax debt released came to over $1.38 million.
The rapper’s issues with the IRS initially surfaced in December 2014 when the federal government filed a lien against Lil Kim for nearly $127,000. According to the IRS, she hadn’t paid taxes since 2010, thus causing the need for the lien.
Back in 2018, the hip hop vet filed for Chapter 13 bankruptcy. The petition, filed in New Jersey Court, listed assets totaling $2,573,300 and liabilities in the amount of $4,084,841.60. In court documents, Lil Kim said she owed $1.8 million in back taxes along with various other debts. Her monthly income was listed as $18,286 and her expenses totaled $12,784, leaving her with roughly $5,000 per month.
Queen Bee’s largest debts reportedly included $2 million owed on her New Jersey home, $1,469,105 in unpaid federal taxes from 2004-2017, $376,346.74 owed to the New Jersey Division of Taxation for unpaid taxes from 2004-2017, and $186,000 in unpaid legal bills.
The “Crush On You” rapper offered to pay her creditors $5,500 every month for the following five years and said she’d sell her New Jersey home to repay her debts. However, that offer was later denied.
In July 2019, Lil’ Kim requested her Chapter 13 case be dismissed because she’d gotten her finances back in order thanks to a loan modification on her New Jersey home, which helped her handle the debt without the court’s protection.
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