Stallworth: Brady paid practice players that picked him off

QuantumMechanic said:

Agree that IRS thing is a non-starter, but since this is the internet I must nitpick .

If (in the hypothetical) Giz actually gave the second $14,000 herself there is indeed nothing to report. However, if the whole $28,000 came from Tom they would have to file a gift tax return in order to make the "gift splitting" election. It would result in a zero taxable gift and have no effect on the unified credit, but the return would have to be filed and the gift reported.

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patchick said:

Hold on, everybody: We're talking about personal gifts from one individual to another. No different from, say, buying dinner for the offensive line.

No income tax is owed for gifts under $14,000. Brady may be generous with the practice squad, but I doubt he's that generous.

It's totally, totally fine.

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