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Thread: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    Poor Tom Brady.


















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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    Quote Originally Posted by Unrepresented View Post
    The argument I'm making is that both are subjective positions, and ultimately the bias of the observer will determine the narrative rather than objective facts.
    Okay, you can argue that. So, we've sorted out that government needs money to run and people have different perceptions of that. I've got nothing else to add, and totally agree.

    But, to back up, the government is taking way too much of our earnings, it is way bigger and into way more things than it was ever meant to be, and a few Trillion dollars a year should be enough to run it without running up the debt as much as it has in the past 15 years or so.
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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    Quote Originally Posted by Anthony60 View Post
    Okay, you can argue that. So, we've sorted out that government needs money to run and people have different perceptions of that. I've got nothing else to add, and totally agree.

    But, to back up, the government is taking way too much of our earnings, it is way bigger and into way more things than it was ever meant to be, and a few Trillion dollars a year should be enough to run it without running up the debt as much as it has in the past 15 years or so.
    Your second paragraph seems in contradiction to your first paragraph.
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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    Quote Originally Posted by sawdust View Post
    Apparently you aren't a math major. The truck is probably a fifty thousand dollar truck. I don't have an issue with the truck being taxed as a capital gain. I do have a problem with the tax which exceeds the gift tax limit, which last time I checked was eight grand. If the final recipient of the truck paid thirteen grand in tax and got a fifty thousand dollar truck in return, we wouldn't be talking about this. The tax code is phuqued.
    Apparently you can't read. From *YOUR* link:

    Americans for Tax Reform said he will have to pay $42,000 on his share of the $97,000 for playing in the championship, and another $18,500 for giving away the red Chevy Colorado pickup truck he won for being MVP to fellow player Malcolm Butler, who caught the game-winning interception.

    He isn't paying $60,000 for a $50,000 truck. Try again.
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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    Quote Originally Posted by sawdust View Post
    Apparently you aren't a math major. The truck is probably a fifty thousand dollar truck. I don't have an issue with the truck being taxed as a capital gain. I do have a problem with the tax which exceeds the gift tax limit, which last time I checked was eight grand. If the final recipient of the truck paid thirteen grand in tax and got a fifty thousand dollar truck in return, we wouldn't be talking about this. The tax code is phuqued.
    I think the truck was valued at 34,000. Property is taxed at the FMV on date of receipt, just like cash - it has to be that way or we'd all just get paid in merchandise or gold or something, tax free. So it's wages to Brady. Some companies I've worked with gross up the value of goods like this to cover the tax - would require Chevy to give the truck plus about $22,000 in cash.

    And Brady can with his wife give $28,000 tax free to anyone ($14,000 each x 2), times an unlimited number of individuals. So if the guy is married, Tom and wife can give $56,000 to the couple, which would cover the value of the truck gift tax free. If not, the remaining $6,000 will go against Brady's lifetime $5,430,000 lifetime exemption, $10.86 million for the couple, or he'll owe about $2400 in gift tax on the truck.
    Last edited by JasperL; 02-06-15 at 04:44 PM.

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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    I think he should have to pay more than that.
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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    Quote Originally Posted by Unrepresented View Post
    Your second paragraph seems in contradiction to your first paragraph.
    Not at all. How do you get that?
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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    Quote Originally Posted by Nilly View Post
    I think he should have to pay more than that.
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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    Quote Originally Posted by Cephus View Post
    Apparently you can't read. From *YOUR* link:

    Americans for Tax Reform said he will have to pay $42,000 on his share of the $97,000 for playing in the championship, and another $18,500 for giving away the red Chevy Colorado pickup truck he won for being MVP to fellow player Malcolm Butler, who caught the game-winning interception.

    He isn't paying $60,000 for a $50,000 truck. Try again.
    No, it's just been a few days since I read it and didn't remember the numbers. Thanks for looking it up. I didn't even remember the guy he wanted to give the truck to.
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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    Quote Originally Posted by Cephus View Post
    Apparently you can't read. From *YOUR* link:

    Americans for Tax Reform said he will have to pay $42,000 on his share of the $97,000 for playing in the championship, and another $18,500 for giving away the red Chevy Colorado pickup truck he won for being MVP to fellow player Malcolm Butler, who caught the game-winning interception.

    He isn't paying $60,000 for a $50,000 truck. Try again.
    You mean a person can't give something away that was given to him as a gift? Since when? There's a h--- of a lot of people in trouble who give Christmas gifts away that they don't want if that's true!

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