The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: non-compete income||Date: 3/19/2000 8:55 AM|
|Author: hghcpa||Number: 32109 of 121802|
But if you are simply receiving income for your agreement not to compete, it's generally simply ordinary income and should be included in your W-2.
If you are not an employee then there is no reporting requirement for the payor - IE it is not a capital transaction reported on 1099-b nor is it a "service rendered" reported on 1099-misc.
Although some payors do report it as "other income" IMO it is not required.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|