Lil' Kim Settles Massive $1.4 Million Tax Debt With Uncle Sam
Apr. 13 2023, Published 5:15 p.m. ET
Lil Kim has settled her years-long beef with the IRS over unpaid taxes, RadarOnline.com has learned.
According to official records obtained by RadarOnline.com, recently, the Internal Revenue Service filed releases of several liens filed against Kim and her property.
Uncle Sam had accused Kim of owing $232k for 2003, $58k for 2005, $188k for 2006, $175,910.71 for 2007, $397,148.65 for 2008, $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.
Back in 2018, Lil Kim [real name: Kimberly Denise Jones] 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.
Despite the $5k surplus each month, Lil Kim said she was struggling to stay afloat. Her assets included her New Jersey home worth $2.3 million, a 2000 Mercedes Benz worth $4,000, a 2005 Bentley Continental GT worth $52,600, household furniture estimated at $25k, $25k worth of jewelry and another $5k in electronics.
The majority of Kim’s debt came from $2 million owed on her money. In addition, she said she owed $1.4 million in unpaid federal taxes from 2004-2017 and $376k in taxes owed to the New Jersey Division of Taxation for the years 2004-2017.
Kim said her company Queen Bee Entertainment pulled in $361k the year before she filed for Chapter 13. She estimated the company’s monthly income as $43k and expenses as $25k, leaving her with around $18k profit.
The pint-sized star said she pulled in $398k in 2017 and $823k in 2016. The rapper said she supports her daughter and did not list that she received child support.
Months later, Kim asked the court to dismiss the case claiming she no longer needed help. She said her finances were back in order and she could handle the debt without the court’s protection.