Damon Dash, the once-flamboyant co-founder of Roc-A-Fella Records, is now in debt of almost 3 million dollars – money he owes in back taxes to the IRS.

“Nah, nah, I’m f—ed up.” Dame admitted during his recent visited to the “Sway in the Morning” radio show on Shade 45. He  spoke to host and MTV News correspondent Sway Calloway about his recent troubles with the IRS. After being asked about owing “$2 million,” Dash quickly set the record straight: “I owe way more than $2 million in taxes. That must’ve just been the IRS,” Dash said, laughing, before admitting that he was in a bad space financially.

Dame made his mark alongside Jay-Z and Kareem “Biggs” Burke in the mid-1990s. By 2005, however, it all came crashing down, and Jay-Z parted ways with Dash and Burke, leaving them on the outside looking in.

Dash has since started new business ventures, and on Friday, the DD172 CEO told Sway that when it comes to his tax troubles, he just doesn’t have the money. It isn’t because he is broke, Dame insisted, but rather because he redistributes his money back into his many companies, choosing to reinvest instead of making a profit off the top. “It’s the price of business; it is what it is,” he explained. “I owe taxes: I got to pay.

“They’re auditing me. 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,” he continued. “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.”

To check out the morning show footage and read about the rest of this interview, click here.