Lil' Kim Resolves $150,000 Tax Lien After Years of Financial Struggles.
Lil' Kim, 49, has made strides in resolving her financial issues, successfully paying off a $150,775 tax lien owed to the federal government. This resolution comes as a significant relief after years of navigating bankruptcy and tax debt.
In May, the IRS lifted the lien, which was specifically related to unpaid taxes from 2022. This latest tax matter follows a history of unresolved debts, with multiple liens totaling over $1 million previously filed against her. The IRS indicated that Lil' Kim, 49, had failed to settle her tax obligations dating back to 2003, which included amounts of $232,000 in 2003, $58,000 in 2005, and various other debts over the years.
By 2012, her total federal tax debt had reached $1 million. To tackle these financial challenges, Lil' Kim has enlisted the help of a skilled attorney and a dedicated team to negotiate with the IRS and find amicable solutions.
However, her financial troubles extended beyond tax issues. In September 2023, she faced a civil lawsuit from Jerry Lafontant, who claimed he was owed $26,650 for a landscaping project at her residence. The lawsuit alleged that Kim refused to pay for custom work, including columns and lighting. Ultimately, the case was dismissed in May due to a lack of action on Lafontant's part.
Lil' Kim's financial difficulties began to escalate following her bankruptcy filing in 2018, which revealed liabilities of over $4 million, significantly outpacing her assets, which were valued at approximately $2.5 million.
Among her assets is her New Jersey home, valued at around $2 million, for which she owed $2 million, in addition to $15 million to the IRS and over $300,000 in state taxes. Notably, she also borrowed $25,000 from fellow rapper Missy Elliott.
