The rapper - who is married to Alicia Keys - already had debts over two million but these have risen and recently the state of New York filed a lien against him for unpaid taxes of $98,246.18 for the year 2010, according to TMZ.
Speaking about the tax bill in 2010, his lawyer said: "We have been discussing the issue with the government for years and are currently negotiating an amicable resolution of the dispute."
Despite his financial issues, Swizz's personal life continues to thrive with his 31-year-old wife recently calling their two-year-old son their "best collaboration".
She said: "He's the best collaboration I've ever done, he's the best song I ever wrote, the best experience I've ever had, the best show I've ever performed. He's the best everything."
Recently it was revealed the couple are close to sealing a deal for Eddie Murphy's $12 million New Jersey property.
A local real estate source close to the deal said: "The closing has been delayed for months but they're almost there. When she closes, she'll buy the two-acre lot behind the house, too."