Tom Brady’s doing the right thing by offering his Super Bowl MVP truck to rookie cornerback Malcolm Butler.
But it might be easier and cheaper just to buy him one of his own.
According to Forbes, there are some steep tax implications for Brady’s goodwill gesture — which we think somehow he’ll be able to cover.
The truck is considered a taxable prize under the Internal Revenue Code, section 74, meaning it is taxed at Brady’s 39.6 federal income tax rate. With the value of a 2015 Chevy Colorado around $34,000, that means a tax bill of $13,500 alone.
Brady’s also going to have to pay a gift tax of $8,000 to hand the keys to Butler, since the tax code only allows one $14,000 from any one person to another.
Again, we think Brady can scratch up the $21,500 to make this happen, but it is getting close to the point where rolling into a New England Chevy dealer and just buying Butler a new one might be easier.
