I'm a 20 year old college student. I gamble on sports through several of the "local bookies" on campus (for those who are not familiar, the way it works is I place bets on games and square up with my bookies on Venmo or CashApp at the end of every week).
I've made about $50,000 this year so far, and will likely make 6 figures by the end of the year. Betting isn't legal in my state or for my age, so I'm very nervous about reporting this much income on taxes. On the other hand, I'm worried if I don't report it I could get pegged for tax evasion?
My question really is what do I do with regards to taxes. I would very much like to continue doing this so I can graduate debt free. Should I report this as earned income, or will that draw attention to my illegal activity? Is there any way that I get caught and get in trouble if I don't report anything? Any advice is super appreciated.
Submitted April 19, 2021 at 02:59AM by SauceGod3000 https://ift.tt/3dv8YCh
