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Saturday, January 29, 2011

Miami Heat Bail Out Tim Hardaway In His Problems With IRS


Retired Miami Heat point guard Tim Hardaway is the latest star to make headlines for falling behind on his taxes, despite earning $46.6 million during his NBA career.
According to The Detroit News, the IRS filed a $120,748 lien against Hardaway and his wife last summer, due to unpaid income taxes from 2005 and 2006.
However, he was bailed out by his former team, the Heat, who purchased the Miami mansion to settle his federal tax debt.
The paper reports that Hardaway sold the mansion to Miami Heat Limited Partnership, which owns the Miami Heat, three months after the lien was filed.
They paid $1.985 million for the 7,542-square-foot mansion in suburban Miami, and are now trying to sell the property for $2.5 million. It boasts five-bedroom, five-and-a-half-baths, and comes a pool and private basketball court decorated with a Miami Heat logo.
The team, nor Hardaway, would comment on why the sale took place.
The 44-year-old former NBA great still lives in the house, four months after the sale, said the report.
Hardaway spent 13 years in the NBA, entering the league as the 14th overall pick in the 1989 NBA Draft by the Golden State Warriors. He went on to play for the Heat from 1996 to 2001, before playing for the Mavs, the Nuggets and Pacers in his final years.
During his time in Miami, he led the Heat to some of the franchise's best seasons, thanks to his pairing with center Alonzo Mourning.
Hardaway was an MVP candidate during his 1996–97 season, after leading the Heat to the best record in franchise history, while averaging 20.3 points and 8.6 assists per game, and coming in fourth in the league with 203 three-point baskets.
In his prime, Hardaway was known and feared for his ankle-breaking crossover dribble.
He retired after the 2002-03 season, and worked as a basketball analyst for ESPN.

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