I sold an LLC (for a loss) two years ago and have a 5 year non-compete agreement I received a 1099-MISC with box 3 filled in showing the non-compete agreement payment. I had reported the entire amount with the sale of the business two years ago. How do I report this for this year and the remaining years to come? The non-compete agreement payments are being used to pay back the loan for the start up costs of the LLC.
