Schedule F (IL-1040): Gains from Sales or Exchanges of Property Acquired Before August 1, 1969 (2024)
Illinois · Illinois DOR · Used for tax years 2024
Illinois Schedule F is an attachment to Form IL-1040 for gains from sales or exchanges of property acquired before August 1, 1969. It calculates the August 1, 1969, valuation limitation amount to enter on Schedule M, Other Additions and Subtractions for Individuals.
Who files this form
Schedule F is for reporting gains from sales or exchanges of property acquired before August 1, 1969. It covers capital (non-depreciable) assets and property used in a trade or business.
If you reported gain from an installment sale of property acquired before August 1, 1969, on federal Schedule D, Form 8949, or Form 4797, complete Schedule F for those sales using the installment-sale directions on the back.
What you'll need
- Include a copy of your federal Schedule D and, if filed, federal Forms 4797, 6252, and 8949.
- Have your name as shown on Form IL-1040 and your Social Security number.
- Have the property descriptions, acquisition and sale dates, federal gains, and August 1, 1969, values and federal tax bases needed for the applicable columns.
- Have your share of valuation limitation amounts from partnerships, S corporations, trusts, and estates, if applicable.
- Have Form IL-4644, if required. Schedule F uses amounts from its Lines 18 and 13.
- For installment sales after July 31, 1969, the worksheet requires the total federal gain on the sale and the total gain reported on federal returns in prior years.
If you filed federal Form 6252 but were not required to file federal Form 4797, attach a statement saying Form 4797 was not required and a copy of Form 6252 as filed.
How to file
Attach Schedule F to your Form IL-1040, along with the required federal form copies.
Complete Step 4, which calculates your August 1, 1969, valuation limitation amount. Enter the amount from Schedule F, Line 17, on Schedule M, Other Additions and Subtractions for Individuals, Line 23.
The supplied text does not provide a mailing address or e-file directions.
Common mistakes
- Skipping Step 4: The form states that this part must be completed.
- Transferring Line 8 without checking federal Schedule D: Enter Line 8 on Line 10 only if federal Schedule D, Line 11, shows a gain.
- Using the usual Column G heading for installment sales on or after August 1, 1969: Use Column 5 of the worksheet instead. The form warns that the Column G heading does not describe this entry.
- Using only the current year's gain in the installment worksheet's Column 1: Enter the entire federal gain realized on the sale, not just the gain reported this year.
- Leaving out required information: The form warns that failure to provide information could result in a penalty.
Questions people ask
Where does the final Schedule F amount go?
Enter the amount from Line 17 on Schedule M, Other Additions and Subtractions for Individuals, Line 23.
What if federal Schedule D shows no net capital gain?
Enter zero on Schedule F, Line 12. Otherwise, enter the net capital gain from federal Schedule D, Line 16.
How do I report an installment sale made before August 1, 1969?
Enter “INST” in Column D. In Step 2, leave Columns E through G blank and enter the gain reported this year in Column H. In Step 3, leave Columns D1 through G blank, enter the current-year Section 1245 or 1250 gain in Column H, and enter the current-year Section 1231 gain in Column I.
What if Column 5 of the installment-sale worksheet is negative?
Enter zero. Transfer the resulting amount to Schedule F, Column G, in Step 2 or Step 3, as appropriate.