A sale is a transfer of property for money or a mortgage, note, or other promise to pay money. Corporations, partnerships, trusts, and estates also may have to withhold on certain U. See chapter 5 for information about getting publications and forms.
The following discussions describe the kinds of transactions that are treated as sales or exchanges and explain how to figure gain or loss.Although you figure gain or loss on the easement in the same way as a sale of property, the gain or loss is treated as a gain or loss from a condemnation.See The extension of a note's maturity date is not treated as an exchange of an outstanding note for a new and different note. If you are a foreign person or firm and you sell or otherwise dispose of a U. real property interest, the buyer (or other transferee) may have to withhold income tax on the amount you receive for the property (including cash, the fair market value of other property, and any assumed liability). You must report these dispositions and distributions and any income tax withheld on your U. However, the rules for property held for personal use usually will not apply to taxpayers other than individuals. Otherwise, you can go to irs.gov/orderforms to order current and prior-year forms and instructions. Although the discussions in this chapter may at times refer mainly to individuals, many of the rules discussed also apply to taxpayers other than individuals.