Joe Flacco Could Face $25K Tax Bill For Winning Super Bowl MVP
Congratulations, Joe Flacco! Here's your Super Bowl MVP award and the 2014 Chevrolet Corvette Stingray that comes with it. Oh, and the IRS called, too....When Flacco quarterbacked the Baltimore Ravens to victory in Super Bowl XLVII on Sunday, a panel of sportswriters and broadcasters named him the game's MVP. As a part of the award, Flacco received a 2014 Chevrolet Corvette Stingray valued at an estimated $60,000.
If Flacco takes the Corvette and zooms around his old New Jersey neighborhood like Bon Jovi in 1987, the quarterback will owe approximately $25,700 in income taxes, says a tax expert writing for Forbes. You may want to put that cassette of 'Slippery When Wet' away, Joe.
Like any other prize or winnings, the car is eligible to be taxed, says the expert, but ONLY if Flacco accepts the keys. The alternative? Flacco could donate the car to charity. If he asks Chevy to do it, he has no further financial obligation. If he does it himself, the tax guru says it will still cost Flacco up to $6,900, even though he never drove the car.
Maybe Jacoby Jones should be glad he wasn't named the Super Bowl MVP.