Recent? Matt, that truck is probably 15 years old and has lived in Florida probably its whole life. The earliest Tacoma is now 19 years old and my white truck would have been eligible for classic plates next year... You remember how bad cars looked after a few winters of road salt, now imagine constant exposure to salt water.
But with that much rust and all the scratches on the roof I would suspect something like being dunked or in a nasty storm, too.
Having just gone through rust inspection and stabilization on the Taco (which we sold last month), my guess is that frame is a total disaster from the cab back and probably the sections under the cab and engine aren't far behind. Tacoma frames are a whole bunch thinner than Hilux. A whole lot.
If it's got a bed liner, the floor is probably gone underneath it, too. The reason the tailgate rusts like that is the plastic bumper top rubs the paint on the bottom lip and gives water a place to get a foothold.
Since you probably got it cheap, it's a good candidate I bet for a tube frame and flat bed! You're just buying a title, frame number, windshield and engine subframe.
'91 Toyota Pickup
'09 Kawasaki KLR650
'12 Gunnar Rockhound 29
“Anyone who believes in indefinite growth in anything physical, on a physically finite planet, is either mad or an economist.” -- Kenneth E. Boulding