OK, so you "own" it (for now).
You can treat this as a hobby.
- Sign in to your TurboTax account
- Click on Federal Taxes tab
- Choose Wages and Income
- Scroll down to Less Common Income and click Start to to right of Miscellaneous Income, 1099-A, 1099-C
- Click Start to right of Hobby income and expenses
Yes, this means that you may pay taxes on this income, until you do the following...
HOWEVER, do you want this club to survive your graduation from college? If yes, then you should incorporate it as a non-profit in your state (if it meets the qualifications - we don't give legal advice here).
Now the club is its own entity that will survive you.
Once that's done, then you should apply to the IRS for non-profit status.
Is there a law school at your college or in your area? You might ask them for some free advice.
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