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Hip-Hop and the Recession; Xzibit Owes the IRS Nearly $1 Million

Several prominent hip-hop artists struggled with their finances in 2010. According to reports, Xzibit owes the IRS $959,523. Xzibit’s financial  troubles started after MTV’s “Pimp My Ride” was cancelled. While serving as  the show’s host, Xzibit earned $497,175. He bought homes in Los Angeles and New Mexico and he leased a 2006 Range Rover for $2,230 a month.

However, once “Pimp My Ride” went off the air, Xzibit’s yearly income dropped to $67,510. Unable to pay for his  homes, the IRS filed a $435,487 lien on his New Mexico home and a $205,485 lien on his home in Los Angeles. He also owes $296,355 in unpaid taxes.

Trick Daddy, Lil Scrappy and Diamond are other rappers who faced financial hardship in 2010. All lost their homes to foreclosure after earning a substantial amount of money from record sales, concerts and appearances. –a.r.