Tom Brady is planning to give Malcolm Butler his Super Bowl MVP truck, since the cornerback helped seal the win for the New England Patriots with his interception on Russell Wilson.
However, Brady could owe the IRS up to $21,000 if he decides to give his truck to him:
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.
