New England Patriots’ quarterback Tom Brady has made it clear he would love to give his bright red 2015 Chevy Colorado truck that was awarded to him for being the MVP of the Super Bowl to cornerback Malcolm Butler.
Butler has also confessed his love for the truck.
According to Forbes, 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.
While the total amount of $21,500 seems quite frightening to most people, I’m pretty sure Brady can handle that tab. However, it might be easier for Brady just to shoot down to a local dealer and buy Butler his own truck.