Listen up, we have some juicy news about Lil Kim’s money woes.
According to HipHopDX, the Queen Bee was drowning in tax debt to the tune of $1.38 million (yes, you read that right) from 2003.
Looks like someone forgot to pay their taxes!
The IRS Never Forgot Lil Kim’s Debt
The IRS came calling in 2014, slapping the rapper with a lien for $127,000 because she hadn’t paid her taxes since 2010.
To make matters worse, Lil Kim had to file for Chapter 13 bankruptcy in 2018.
That’s not even the worst part.
Lil Kim’s assets were worth $2,573,300, including:
- Three entertainment companies
- Fancy cars including a Mercedes and a Bentley
- Jewelry
- Electronics
- Clothing
However, her liabilities totaled a staggering $4 million, with $1.8 million in back taxes alone.
The rapper tried to pay back $5,500 every month and even contemplated selling her home, but that idea was a no-go.
Fast forward to 2019 and Lil’ Kim’s bankruptcy case was dismissed.
“I remain committed to saving my home and reorganizing my debts.”
And get this, she even borrowed $25,000 from fellow rapper Missy Elliott.
But finally, the rapper has been cleared of all her past debts and can keep on keeping on.
Let’s hope she’s learned her lesson and hires a better accountant!
Anyway! She’s still the Queen of rap
— −• (@hausofabba) April 15, 2023
Lil’ Kim has reportedly settled her decades-long beef with the IRS, coming to a settlement arrangement totaling nearly $1.4million when all is said and done.https://t.co/03sFVRoYcU pic.twitter.com/8sA5O0EsV0
— DJ Wap Wap (@DJWapWap1) April 14, 2023