Uncle Sam makes sure he has his hands in everything. For winning the Super bowl MVP, Tom Brady received a brand new bright red 2015 Chevy Colorado truck. According to Forbes magazine, this gift of the truck by Tom Brady to Malcolm Butler could cost the QB anywhere up to 21,000 dollars.
There are some major tax implications that the IRS will tack on to the transaction if Brady does indeed gift his truck to Butler. The truck, which has a value of about $34,000, would be taxed at Brady’s tax rate of 39.6 percent.
That tax amounts to $13,500. There’s also a gift tax that would apply in the amount of $8,000 because the tax code only allows a person to gift a maximum of $14,000 to another person.
I’m sure that Brady wont mind giving the truck away and cutting the check, Malcolm Butler’s game saving play elevated Brad into an elite status of an NFL player that money simply can not buy. Plus Tom Brady is filthy rich and can afford it.
h/t YardBarker
