Lil’ Kim Has Reportedly Paid Over $1 Million to Settle Her IRS Tax Debt Lil Kim purportedly paid over $1 million to settle her tax debt with the Internal Revenue Service (IRS).
via: Uproxx
As HipHopDX notes, the precise details or date of the money being released were not disclosed, but they did state that Lil’ Kim owed $1.38 million in tax debt, which had been accruing since 2003 due to incidents.
Since she hadn’t paid taxes since 2010, the IRS filed a lien against her for $127,000 in December of 2014. In 2018, the rapper reportedly filed for Chapter 13 bankruptcy, which allows individuals to catch up on their debts.
Specifically, Lil’ Kim had $2,573,300 in assets (which included a Bentley and a Mercedes, jewelry, furniture, electronics, clothing, and her three entertainment companies.) About $4 million in liabilities were owed by her. Her outstanding taxes amounted to $1,800,000, according to the publication. She initially attempted to repay $5,500 per month and was close to selling her property, but her request was denied.
Lil’ Kim’s bankruptcy case was granted to be dismissed by the summer of 2019. She wrote in the filing, “I remain committed to saving my residence and reorganising my debts.” According to Finurah, it also stated that she had borrowed $25,000 from Missy Elliott.
Now, she is completely free of all previous obligations and able to move forwards.