Almost It’s been 20 years since Brooklyn legend Lil’ Kim had trouble with the IRSThe federal government no longer holds the rapper’s assets now that her debt has been cleared.
According to court documents obtained by sources, Lil’ Kim, whose real name is Kimberly Dennis Jones, A deal was reached with the Federal Tax Service for approximately $1.4 million.
Reportedly, the biggest tax owed by Lil’ Kim came from the former Junior Mafia rapper in 2008. Uncle Sam owes nearly $400,000.
Accumulation of tax liabilities over many years
Some of the tax obligations that Lil’ Kim finally paid off date back to early 2003. According to the IRS, Lil’ Kim hasn’t paid taxes since 2010 and received a $127,000 bill in December 2014 at the age of 39.
next, In June 2018, Lil’ Kim reportedly filed for Chapter 13 bankruptcyThis type of bankruptcy is also known as a “wage worker bankruptcy”. Allows debtors to keep up with their financial obligations.
In the documents, the hip-hop star claimed to have total assets of $2,573,300 and liabilities of $4,084,841.60. There was $1,845,451 in unpaid taxes.
Kim was reportedly earning $18,286 a month at the time, but her bills were Ran $12,794/month and left about $5,000/monthDocuments revealed that Kim made So far $90,678 in 2018, $398,000 in 2017, $823,659 in 2016.
By the summer of 2019, Lil’ Kim’s bankruptcy lawsuit was allowed to be dismissed. “I continue to work on saving my home and consolidating my debts.” she wrote in the filing.She also mentioned that she had I borrowed $25,000 from Missy Elliott.
Includes Her Biggest Debt $2 million in debt on her New Jersey home$1,469,105 in unpaid federal taxes from 2004 to 2017, $376,346.74 owed to the New Jersey Department of Taxation for unpaid taxes from 2004 to 2017, and $186,000 in unpaid litigation costs.
Finally, the rapper is free of all past debts and can move on with her life without the constant burden.
