At what amount does cash income need to be reported.

Navigator

I have some mutual funds under $100k and need to cash out $500 for car repairs.

At what amount does this need to be reported?

Anthony

So if I start today (age 36) and invest $500 the next 20 years in FXAIX I should have $350,000 or so at 56 years old. Seems insane to me. This is reinvesting dividends & assuming return is 10%. Thoughts.

William

Even $500 from a mutual fund sale needs to be reported. IRS doesn’t care how small—it’s still a taxable event. No sneaking past.

Christopher

I’m not an expert, so I cannot speak with authority. Income is income. But please know that thousands of low income people are on the waitlist and are in desperate need of safe affordable housing.

Oliver

This is determined by your PHA, as to when. All income has to be reported. Some PHAs only require you report income over x amount immediately, otherwise they wait until a recertification. I suggest you visit their website and check the specifics. If you'd like help locating that information, I'd need to know which Housing Authority to check.

Madison

Oliver

I'm assuming you go thru the City of Phoenix housing authority. The cash income you are referring to. Can you tell me what kind of income this is? Earned (worked for) or gift (regular or one time) is this recurring income? This makes a difference if you have to report it.