There are several factors at play here that you need to reconcile.
First and foremost there is your state HS association. If there is going to be a problem this is where is will most likely happen. However DO NOT as some may suggest contact them directly. Kind of like walking into a police station and asking them if what you are doing is legal. Best case they know who you are and they keep an eye on you. Worst case the hook you up and put you in a cell. The AD/Compliance Officer at the HS should be able to help you with this.
Second there is the issue of future NCAA eligibility. This should not be an issue if things are handled appropriately.
Third there are the state and federal tax authorities. Bottom line is that all income is taxable. However, I doubt that this will become an issue. But know that is there.
I have gone down this road with several of my players and former students. Feel free to PM me for additional details.
First and foremost there is your state HS association. If there is going to be a problem this is where is will most likely happen. However DO NOT as some may suggest contact them directly. Kind of like walking into a police station and asking them if what you are doing is legal. Best case they know who you are and they keep an eye on you. Worst case the hook you up and put you in a cell. The AD/Compliance Officer at the HS should be able to help you with this.
Second there is the issue of future NCAA eligibility. This should not be an issue if things are handled appropriately.
Third there are the state and federal tax authorities. Bottom line is that all income is taxable. However, I doubt that this will become an issue. But know that is there.
I have gone down this road with several of my players and former students. Feel free to PM me for additional details.