G-Unit Rapper In Hot Water Over Seven Figure Debt
With his rap career heyday in the mid-2000s, many would believe that Tony Yayo’s best earning days were behind him.
But that’s not according to the state of New York, which has accused 39-year-old Yayo of being a major tax scofflaw and has filed two tax warrants against the rapper for some $2.8 million, according to public records obtained by BOSSIP.
The New York State Department of Taxation filed the two open warrants – the most recent one in Nov. 2017 – against the “So Seductive” rapper for tax debts on his personal income from 2008 and 2014, a tax department spokesman confirmed to BOSSIP.
While the tax department spokesman said he couldn’t comment on specific cases, he said the department tries to reach out to people who are behind on their taxes to alert them to the debt before they put a warrant out. After the warrant is filed, the state will still try to work with the taxpayer to clear the debt.
However, if the person continues to ignore or not cooperate, the state can seize assets and garnish future income to collect the debt.
And to make matters worse, the state’s tax warrant was filed at Tony Yayo’s plush Long Island home, which is now underwater and in pre-foreclosure, according to public records.
Yayo bought the property, set on one acre, for $969,990 in 2006, but today, the home is worth closer to approximately $533,000, according to public records. The home went into pre-foreclosure in 2016 because of a lack of mortgage payments, public records state.
Yayo isn’t the only member of G-Unit to have faced financial trouble. His bandmate 50 Cent filed for bankruptcy in 2015 after a jury ordered him to pay Rick Ross’ baby mama $7 million in damages for leaking a sex tape of her.
We’ve reached out to Tony Yayo for comment.