Stallworth: Brady paid practice players that picked him off

[TommyD4207]

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.

I don't think anyone got $28,001 for an interception in practice.

 

[convertedpatsfan]

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.

That's very helpful, although I still wouldn't be surprised if someone looked into it further as it happened at work, where there are other restrictions regarding cash gifts and whatnot. I think your interpretation is 100% correct and the rule you cite is perfect for this situation, but that doesn't mean someone from the IRS or NFL won't totally skew it just for the hell of it. I have no trust for either.