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How Much Will Joe Flacco’s “Free” Corvette Stingray Really Cost?

by Steve Burns on February 8, 2013

How Much Will Joe Flacco's Free Corvette Stingray Really Cost?

Last week, Baltimore Ravens quarterback Joe Flacco won the Super Bowl’s Most Valuable Player award and thus the keys to a brand new 2014 Corvette Stingray. As we all know too well nothing in life if free. With this in mind, Forbes and The Detroit Free Press took a closer look at how much Flacco’s “free” Corvette could cost him.

Citing an article in Forbes by Kurt Badenhausen, The Detroit Free Press says that the 450hp C7 could come with a $25,000 tax bill in the glovebox based on its estimated $60,000 price tag.

We’re not schooled on the latest tax codes, but it’s basically up to the MVP on how he wants to handle the gift. If he keeps the car he’ll take that $25k hit. If he takes possession and subsequently donates it to charity himself he’ll pay less tax. If he directs GM to donate the car directly and never touches the key fob he can eliminate the income from his tax form. You can hop on over to the Forbes article for all the dirty tax details on Flacco’s Stingray.

No matter what Joe Flacco decides to do with his new C7, we’re sure the financial implications aren’t real important to him since he’s a free agent this year and likely to receive a substantial pay raise whether he stays in Baltimore or moves elsewhere.


Source:
Forbes via The Detroit Free Press

Related:
[PIC] Joe Flacco Named Super Bowl MVP and Wins a 2014 Corvette Stingray
[VIDEO] Family Looses 1965 Corvette In Mechanic’s Lien Scam
[VIDEO] Chrysler Autoworker Wins Powerball Lottery, Buys A Corvette

 

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