News: Jermaine Dupri Proves Money Ain't A Thing, Addresses $493K Tax Debt

Tuesday, Jan 10, 2012 1:15PM

Written by Biz Jones

Music mogul Jermaine Dupri is living debt-free these days after recently wiping his $500,000 slate clean.

While his tax debt reportedly dates back five years ago, JD has finally handled the situation.

Jermaine Dupri is tax debt free after he recently paid off a giant lien ... but it cost him nearly TWICE AS MUCH as it should have. According to docs filed recently in Georgia, Dupri owed $493,818.75 in back taxes he failed to pay for the year 2007. But get this ... the principal was only $254,782.64. Here's what the state tacked on: Interest -- $91,721.75 Penalty -- $64,969.57 Collection fee -- $82,294.79 Costs -- $50 (why bother?) The lesson here ... PAY YOUR TAXES ON TIME! (TMZ)

Back in 2009, JD reportedly owed over $3.2 million in taxes to the government.

The state of Georgia filed a $135,749 lien against him Nov. 17, 2008, in Fulton County Superior Court. The IRS filed a $3,095,004 lien against him Sept. 4, 2008, in the Westchester County (N.Y.) Clerk's office. "I can assist you in telling you that all of the taxes have been paid and my law firm has been, and is, in the process of getting the liens removed in normal course," Kane wrote in an e-mail. "As to any other information, you can certainly understand under the attorney-client privilege that I am not able make any further comment." (Detroit News)

The platinum-selling music producer made headlines in the early 2000's when his home was raided by federal agents for tax-related problems.

He's the man responsible for the sub-genre known as Kiddie Rap, which vaulted such pre-pubescent hoodlums as Kriss Kross and Lil Bow Wow to the top of the charts. Back in 2002, Dupri got raided by federal agents. They confiscated furniture, computers and cars. His debt to the IRS was reported as $2,541,865. (Tax Prep 101)

In 2009, rapper Method Man's truck was repossessed due to unpaid taxes.

The repo man got Method Man. The state Department of Taxation seized a 2008 Lincoln Navigator belonging to the rapper and member of the Wu-Tang Clan, who failed to pay $52,503 in personal income taxes. The luxury SUV was taken at 6 a.m. Wednesday (March 18) from Method Man's Staten Island, New York home. (New York Post)

Check out some recent Jermaine Dupri footage down below:

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