I received a 1099 Misc as other income box 3 for a final payment to me for a non-compete clause when I sold my company in 2011; Is this considered taxable income?

[rlweisman]

Show .up as Other income in Box 3.  Is this considered taxable income or could iit be Good Will?

[kerriP · Accepted solution]

Good Will is normally the term used for the buyer of a business who pays more for good reputation etc. Where have you been including the payments?  Regardless, this is income, unless you already reported it  when you sold your business.  If you did previously report the sale or a portion of the sale, then this would be  a payment on an installment agreement.