Damon Dash Talks Tax Debt Woes

Dame provides details regarding his delicate tax situation.

Amidst reports that he owes the IRS $3 million, Dame Dash recently appeared on Sway Calloway's "Sway in the Morning" radio show on Shade 45 to discuss his financial troubles.

"I owe way more than $2 million in taxes," said Dame in footage courtesy of MTV News. "That must've just been the IRS," said Dash, laughing. "Nah, nah, I'm fucked up."

"They're auditing me," explained Dame. "When you're a business man, you have a lot of businesses, a lot of times they think you're laundering money or you're pretending you're writing things off that you don't. I'm a true businessman. As you know, I believe in my independence, I have no partners, so every dollar I make goes right back into every business I have."

Dame contends that it is an accountant's failure to itemize the expenses is the reason behind the issue. "If I have an accountant that just reports I just invested $10 million in my business and he doesn't exactly itemize where every cost goes, it gives a flag to the government. They want to make sure that the reason I'm not paying taxes is because I'm reinvesting in these businesses and not trying to hide stuff."

Watch the interview below:

Related: Dame Dash & Staff Open A Vintage Clothing Store Within DD172 Compound

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17 Comments

  • Don D

    Just do like trumph does and send the money offshore then file for Bankruptcy, works like a charm, they can't phuck with you when you file for bankruptcy then you can still access your gwap in your swiss account.

  • Don D

    This is a common mistake made by not only businessmen but people who make in excess of 2 million a year. As soon as you get the gwap you gotta put your taxes aside, point blank.

  • HBrown

    I don't believe him. If he's being audited, he'd be a fool to get on the radio and say i'm straight. To me it sounds more like he found a good tax liability loophole. To say he owes 2 million, is to say he made at least 10.

  • jigga

    at least he stopped blaming jay ahaha

  • insanemacbeth

    sad predicament. i respect him, as an exec.

  • JOE6PACKNCGBOR336

    he rocking them tees more then once now

  • zzz

    no more BIGPIMPIN dame ? i guess not considering that you were on the radio yesterday talking about the millions you owe in back taxes while your former homie jay z on the other hand is going to drop a hit album today in grand fashion,if you need money go flip some burgers with your broke ass, or better yet ask jay for a loan LOL !

  • HHFAN

    I believe him. The IRS tried to say I owed them 30k a couple years ago. When you're self employed, you have to watch everything including your accountant.

  • Helmut Smith

    His sister is hot.

  • Bowski

    Even though his explained it in a vague manner, Dame is a real dude for even talking about it in such a public forum. Most frontin' asses would probably deny it point blank. Handle your bizz Dame & then teach others how not to fall into these same kinda traps. That's how we as a people stand the chance of winning EVER!!

    • 4real

      @ Shone - I agree with the Puff & Jay observation but obviously Dame didn't want to control everything if he held his accountant responsible for itemizing and keeping tax records. Dame brags about being a entrepreneur and businessman though hopefully he realizes that branding/marketing is only an aspect of business (usually the fun part). However, the strategic planning, along with the behind-the-scenes paperwork and tax filing is what structures the future successes of it (usually the more disciplined part).

    • Shone Jones

      @ Big Dan He thinks he knows it all, sounds like he has an inferiority complex. Dame's ego is too big to do that, that's why he is where he is, he wants to control everything. Jay and Puffy don't control their situations, they got a bunch of invisible men who keep the finances in order. ah well, thats a Harlem cat for ya.

    • Big Dan

      Dame thought he could fool the ghetto peeps who he thinks tend not to have much knowledge in big money matters by talking big and he got a biter. The IRS says HE OWES money. They did not say he was being audited, not that he isn't. So obviously, Dash has not paid some taxes that ARE/WERE DUE. His dumb ass got mad at Jay and instead of holding Jay hostage by holding on to his ROC-A-WEAR shares, he gave them away for 10 mil and Jay and the other partner turned around less than a year later and got well over a hundred mill for their shares. Besides that ROC-A-WEAR money, Dame has not been collecting any serious checks, so its only logical that he actually owes money to the IRS since he's still big living, but has no serious income and he probably was behind on his taxes to begin with when he was making money. So please don't fall for his nonsense. Dude was always about look at me and my big toys and that's probably what got Jay thinking, why is this cat doing this off me. If he had played his part and stayed a professional record exec instead of getting shirtless in the videos and trying to be the star, he might be in a different position today.

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