Lil’ Kim is reportedly on her way to paying off her debts after a long and public battle with the Internal Revenue Service.
According to Radar, she is on track to clear her $1.4 million tax debt after nearly losing her home. The outlet reported the government has IRS released several liens it had against the 48-year-old artist.
The IRS filed several liens against Kim and her New Jersey property, worth $2.3 million, in December 2014. The liens were reportedly for $127,000 and were filed because the rapper hadn’t paid taxes since 2010.
In 2018, Lil’ Kim, whose real name is Kimberly Denise Jones, filed for Chapter 13 bankruptcy.
Today, her net worth is estimated at around $500,000.
Inside her IRS Debts
In 2018, Lil’ Kim had $2,573,300 in assets, Radar reported. The assets included her 2000 Mercedes Benz worth $4,000, a 2005 Bentley Continental GT worth $52,600, household furniture estimated at $25,000, $25,000 worth of jewelry and another $5,000 in electronics.
One of the rapper’s companies, Queen Bee Entertainment, brought in $361,000 the year before she filed for Chapter 13. The company’s monthly income is $43,000, and expenses were $25,000, leaving a profit of about $18,000.
Another company earned $398,000 in 2017.
The rapper also said in the filing she was supporting her daughter and did not list that she was receiving child support.
Her debt she said was $4 million, according to Bloomberg Law.
Out of Chapter 13
A year later, Lil’ Kim asked the court to dismiss her bankruptcy case and it was granted.
“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, as Finurah previously reported.
Lil’ Kim asked for the dismissal because she modified a loan. The dismissal motion didn’t address the $2 million she owes to unsecured creditors, including about $1.8 million owed for federal and New Jersey taxes.
It is also unknown how Kim came up with the cash to settle with Uncle Sam. But in 2019 she did star in and serve as executive producer along with singers Mýa and Chilli of TLC in the reality TV series “Girls Cruise.” Kim has also been steadily touring and even has dates books for 2024.