Lil Kim reportedly (and finally) settled her longtime disagreements with the Internal Revenue Service (IRS) over tax debt.
via: Uproxx
As HipHopDX notes the exact details or date of the money being released weren’t revealed, they did state that $1.38 million of tax debt came from Lil’ Kim — which had been building up since 2003 through various incidents.
In December of 2014, the IRS filed a lien against her for $127,000 since she hadn’t paid taxes since 2010. A few years later, in 2018, the rapper reportedly filed for Chapter 13 bankruptcy, which allows people to catch up on their debts.
For exact numbers, Lil’ Kim had $2,573,300 in assets (which included a Bentley and a Mercedes, jewelry, furniture, electronics, clothing, and her three entertainment companies.) She owed about $4 million in liabilities. Her back taxes totaled $1.8 million, per the publication. She originally tried to pay back $5,500 every month and almost sold her home, but that request was denied.
By the summer of 2019, Lil’ Kim’s bankruptcy case was granted to be dismissed. “I remain committed to saving my home and reorganizing my debts,” she wrote in the filing. It also noted that she had borrowed $25,000 from Missy Elliott, according to Finurah.
Now, she is completely cleared of all past debts and able to keep moving forward.
