Xzibit Owes Almost $1M in Taxes

When he was raking in the big bucks in 2007, the MTV Pimp My Ride host earned a staggering $497,175 (€373,523). But after the show was canceled, his yearly income dropped to just $67,510 (€50,719) in 2008, according to court records. Xzibit is in big financial trouble, as he now owes a total of $959,523 (€720,876) in delinquent taxes.

According to a Detroit News article, an IRS lien filed last month is the fourth tax problem in recent years for Xzibit. The rapper, actor and former ‘Pimp My Ride’ host traces his financial problems to the cancellation of his MTV show and the imminent foreclosure of his Woodland Hills, Calif., home in July 2009.

Filing for bankruptcy twice in 2009 didn't help much, as both filings were dismissed for various reasons. As of July 2009, Xzibit's assets were listed at $739,433 (€555,592), yet his debts totaled more than $1.4 million (€1.05 million) in liabilities. The assets are primarily attribute to various homes owned in California and New Mexico.

In addition to co-starring in 2006's Gridiron Gang and hosting MTV's "Pimp My Ride", 'X' released an album almost four years ago, Full Circle (2006), which marked his return as a musician. No longer signed to a major-label recording contract, Xzibit released the album by Koch Records.

Here is a list of what the famous rapper owes:

• The IRS filed a $22,196 (€16,676) lien against him Nov. 2 with the Los Angeles County Recorder.
• The IRS filed a $435,487 (€327,203) lien July 21, 2009, with the Bernalillo County Clerk in New Mexico, where he owns a home.
• The IRS filed a $205,485 (€154,391) lien Feb. 4, 2009, in Los Angeles County. He owes income taxes from 2007, according to the lien.
• The IRS filed a $296,355 (€222,678) lien April 17, 2008, in Los Angeles County for unpaid income taxes from 2006, records show.