Schedule F (IL-1040): Gains from Sales or Exchanges of Property Acquired Before August 1, 1969 (2025)
Illinois · Illinois DOR · Used for tax years 2025
Illinois Schedule F is attached to Form IL-1040 to report gains from sales or exchanges of property acquired before August 1, 1969. It calculates the August 1, 1969, valuation limitation amount entered on Schedule M, including amounts for capital assets and property used in a tra
Who files this form
Schedule F is used with 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 for 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 instructions on the back.
What you'll need
Include these copies with Schedule F:
- Your federal Schedule D.
- Federal Forms 4797, 6252, and 8949, if filed.
- If you filed federal Form 6252 but were not required to file federal Form 4797, a statement explaining that Form 4797 was not required, along with a copy of Form 6252 as filed.
Have the information needed for the schedule available, including:
- Your name as shown on Form IL-1040 and your Social Security number.
- Property descriptions, acquisition and sale dates, and federal gains.
- August 1, 1969, values or applicable fractions, and federal tax bases on that date, as applicable.
- Your share of valuation limitation amounts from partnerships, S corporations, trusts, and estates.
- Form IL-4644, if required, for amounts from Lines 13 and 18.
For installment sales after July 31, 1969, the worksheet also asks for the entire federal gain realized on the sale and the total gain reported on federal returns in prior years.
How to file
Attach Schedule F to your Form IL-1040, along with the required federal form copies and any required statement.
Complete Step 4, which the form says is required. Enter the valuation limitation amount from Schedule F, Line 17, on Schedule M, Other Additions and Subtractions for Individuals, Line 23.
The supplied form does not provide a mailing address or e-filing 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 regular Column G heading for certain installment sales. For installment sales on or after August 1, 1969, use Column 5 of the worksheet. The form warns that the Column G heading does not describe this entry.
- Using only the current year's gain in worksheet Column 1. Enter the entire federal gain realized on the sale, not just the gain reported this year.
- Leaving out required information or attachments. Attach Schedule F to Form IL-1040 and include the required federal form copies. The form warns that failure to provide required 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 I have no net capital gain on federal Schedule D?
Enter zero on Schedule F, Line 12. Otherwise, enter the net capital gain from federal Schedule D, Line 16.
How do I identify an installment sale made before August 1, 1969?
Enter “INST” in Column D. In Step 2, leave Columns E through G blank. In Step 3, leave Columns D1 through G blank. Follow the back-of-form instructions for reporting the gain in the remaining columns.
What if the installment-sale worksheet result is negative?
If Column 3 minus Column 4 is negative, enter zero in Column 5. Transfer the Column 5 amount to Schedule F, Column G, in Step 2 or Step 3, as appropriate.