<prompt> Human: Hi all!Quick info about me: 20 yo male college student living in NYC. No rent, average minimal monthly expenses: outings, personal, groceries, spotifynetflix etc.On to the story --Ive recently found a loophole in an online MMO that allows me to net a substantial amount of . Roughly speaking, I make things that have real-world value and sell them. Technically, this is against the games bs terms of service. Not illegal by any means.In the past two months, Ive netted 14,000 via PayPal. About 600 of that has went to PP fees, since the majority of payments come from overseas Chinaetc which get a fee. The total net is on a steady trajectory to keep going up.Here is my issueproblemthoughts.As of right now, I have about 6,000 total in cash out of that 14,000. The remainder went to car insurance, a vacation, loansseveral other personal expenses. I have kept a very specific Excel spreadsheet about every payment that I have received in the past few months.Questions: Is this money taxable? If so, how? Am I technically self-employed? What are the legal taxIRS related repercussionsprocedures that I should be doingmade aware of? I live with my family, will this raise house-hold incomeis that a bad thing per se? Do I provide PayPal with my tax information? Should I consider making a LLC or something like that? If yes, whyfor what reason? This can all go away quite quicklyvery easily, but at this rate it isnt whatsoever. I currently dont have a job, but I did work the summer and made about 3,600 total on a W2. Im in school full time, no real job at the moment this is entirely side income for me, a hobby to be quite honest and I devote a small amount of time to this. It requires a computer, internet, etc etc. What are the best ways to be able to write things off properlylegallyin the best way to minimize the amount of taxes to pay on it, if that is what I have to do?Lastly, PayPal has requested my tax information via some new policy in when they send a 1099K to the IRSme, but that only happens after 20,000 USD AND 200 transactions are cleared on PP. There are over 200, but not over 20,000. I have also used the same PP account for eBay and made 1,500 or so, selling things that I previously owned, technically losses. They are already requesting it though, so I believe I have to provide it 100 or incur limitations.All help would be appreciated. At the moment, its all in a savings acc while leaving a small buffer in the checking. Babyfooting in the stock market as well, minimal amount of , not even worth mentioning. Some side info -- parents are in the loop and have their own feelings about it, and no friends know.I plan on speaking to my family accountant in the next couple days about this. I try to remain frugal and save money as I need to, and have learned from prior experience that this is the best way to go about. No one knows, I prefer to keep it that way, and I might worm it in a cool way on my professional resume or something who here has seen Dope? but yeah, thats about it! All advice is helpful and appreciated, and I am happy to answer almost all questions! :  <response>: literally delete this thread and dont ask reddit for personal finance advice because this will blow up by tomorrow and youll get unwanted attention. from what i remember dont quote me look up it up if your self employed you pay like 35 of your income to the government when you file for income taxes. Maybe open a roth IRA and contribute the maximum 5000 or whatever the max is so you can start earning interest on a retirement account but you have to be employed to open one. 