Joe Flacco’s Chevrolet Corvette Stingray MVP Prize Could Cost Him $25,000 in Taxes (Video)

CarRavens quarterback Joe Flacco is expecting a big payday this offseason as the Super Bowl MVP enters free agency.

Flacco may need the big pay raise, because if he accepts his MVP prize — a 2014┬áChevrolet Corvette Stingray — he could owe more than $25,000 in taxes, according to Forbes.com.

But, if he donates the flashy new ride to charity, he could save.

“Flacco will owe about $25,700 in income taxes,” Kurt Badenhausen of Forbes.com writes. “But what if he donates it to charity? With this kind of a prize, he can go two routes, one of which could cost — or save — him up to $6,900.

“This situation is similar to Nobel Prize winners. Flacco qualifies because winning the Super Bowl MVP is a civic achievement. He won the award by doing his job, not by purchasing a raffle/lottery ticket or entering a contest, and he has no further obligation to Chevrolet, who is using the award to promote its vehicle on the largest stage in sports.”

Check out video of the car below.

Photo via Twitter/@NFL_ATL

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