I'm a self-employed insurance agent and bought another agent's book of business. We both file as sole proprietors - Should I issue them a 1099-NEC for payments I made to them for the business ownership? They want to report their profits from the sale as capital gains and installment income on form 6252. I paid them $17k in 2020 and will pay them $30k in 2021 and $30k in 2022. I have a large tax bill if I can't claim my payments to them, but I'm not sure the proper way to do it, if any. Thanks!
