Are funds received from city for landscaping removal taxed?

Started by RonJ10 • 0 replies • 134 views

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RonJ10 (Georgia)
Posts: 3

Posted:

Our city (in Georgia) is installing a sidewalk and needed to remove HOA maintained plants, trees, fencing, lighting and irrigation. We received funds from the city as compensation for the items that were removed and we will use all of these funds to replace the items removed once the project is complete. Are these funds considered taxable income by the fed or state?

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