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Miami Heat help Tim Hardaway out with his not-so-little tax problem

Jan 27, 2011, 8:56 PM EDT

Tim Hardaway #10

One of my theories in life is it’s good to know rich people. Because sometimes they can help you out when things seem pretty hopeless.

Like if you owed the IRS $120,000 to the Internal Revenue Service and weren’t sure how to pay it. That’s the spot former NBA and Miami Heat star Tim Hardaway found himself in, but he knew the rich people that own the Heat. We’ll let the Detroit News explain what happened.

Hardaway, 44, ran into tax trouble in June despite being paid more than $46.6 million during his NBA career. The IRS filed a tax lien against his property and the bill listed his 7,542-square-foot mansion in suburban Miami

On Sept. 3, three months after the lien was filed, Hardaway sold the mansion to Miami Heat Limited Partnership, which owns the Miami Heat….

The Heat paid $1.985 million, according to public records. Today, the Heat is trying to sell the five-bedroom, five-and-a-half-bath estate, which comes with a pool and private basketball court decorated with a Miami Heat logo, for $2.5 million.

Hardaway would not say why the Heat purchased the home. Meanwhile, Hardaway still lives in the house while they try to find a buyer.

I have no idea what Hardaway’s financial situation is, but if he is hurting for cash he would be far from the first pro athlete to make unseemly amounts of bank then be hurting financially within a decade. It happens more often than you think.

Hopefully that’s not Hardaway, he said he was good financially despite the tax lien. He works as a radio color commentator for a network that broadcasts Big 10 college games.

  1. badintent - Apr 20, 2013 at 2:29 AM

    Be the agent for your son, take him out of School and get him a big NBA contract, then get a loan from son…………………….. thats what he did for Tim III

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