ClassicRockr
Well-known Member
It was on our local news this AM that Patriots QB Tom Brady wants to give his new MVP truck to Butler, who intercepted the pass from Seahawks QB Wilson that gave the Patriots the Super Bowl win.
Unfortunately, if Brady did give his new truck to Butler as a gift, Brady would have to pay some $18,500 PLUS in taxes owed on the truck. Yes, the IRS is coming after Brady!
Brady does say, "Somehow we will make it happen".
Here is the story is from an Editor at Forbes Magazine:
Ellis said Brady, at his marginal income tax rate of 39.6 percent, would owe $13,500 to the Internal Revenue Service on a taxable prize if the truck was worth $34,000. Gift-tax regulations are more complicated, but estimated Brady would be looking at another $5,000 in federal taxes if he gives the truck to Butler, bringing his total to $18,500 -- and that doesn't include state taxes.Ellis said Butler wouldn't owe taxes on the truck if it was a gift from Brady.
Unfortunately, if Brady did give his new truck to Butler as a gift, Brady would have to pay some $18,500 PLUS in taxes owed on the truck. Yes, the IRS is coming after Brady!
Brady does say, "Somehow we will make it happen".
Here is the story is from an Editor at Forbes Magazine:
Ellis said Brady, at his marginal income tax rate of 39.6 percent, would owe $13,500 to the Internal Revenue Service on a taxable prize if the truck was worth $34,000. Gift-tax regulations are more complicated, but estimated Brady would be looking at another $5,000 in federal taxes if he gives the truck to Butler, bringing his total to $18,500 -- and that doesn't include state taxes.Ellis said Butler wouldn't owe taxes on the truck if it was a gift from Brady.
