Yes, it is considered income in the respect you do reap an economic benefit as a result of the removal of your fence. You benefit in one of two ways.
- Since you do not intend to repair the fence, you have the economic benefit of the money you received to use it for your own personal use.
- If you do decide to spend the money for the fence, you can add the cost of the fence as an improvement to the basis of your home for capital gains considerations when you sell your home.
Report this in the manner that Vaneesa A outlines in her previous post.
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