Schedule F (IL-1041): Gains from Sales or Exchanges of Property Acquired Before August 1, 1969 (2024)
Illinois · Illinois DOR · Used for tax years 2024
Schedule F is attached to Illinois Form IL-1041 to report gains from sales or exchanges of property acquired before August 1, 1969. It allocates appreciation amounts between beneficiaries and the fiduciary and calculates the August 1, 1969, valuation limitation amount.
Who files this form
File Schedule F with Form IL-1041 only if you reported gains from disposing of property acquired before August 1, 1969, on the federal forms identified in the schedule: Form 1041, Schedule D (or Form 8949, if applicable), and Form 4797 or Form 6252.
What you'll need
- Your Form IL-1041, including the name and federal employer identification number (FEIN) shown on it.
- A copy of federal Form 1041, Schedule D, and federal Forms 4797, 6252, or 8949, if filed. Attach these copies to Schedule F.
- Property details needed for the schedule, including descriptions, acquisition and sale months and years, federal gains, and the applicable August 1, 1969, value or fraction and federal tax basis.
- Form IL-4644, if required, for the amounts used on Lines 3 and 14.
For an installment sale, if you filed federal Form 6252 but were not required to file federal Form 4797, attach both a statement explaining that Form 4797 was not required and a copy of Form 6252 as filed.
How to file
Attach Schedule F to your Form IL-1041. Enter your year ending, name as shown on Form IL-1041, and FEIN, and attach the required federal forms.
Report the beneficiaries’ shares from Lines 7, 8, and 9 on Schedule K-1-T, Step 6, Lines 46, 47, and 48, respectively, in Column A. Enter the final valuation limitation amount from Schedule F, Line 18, on Form IL-1041, Line 13, Column B.
The supplied form does not provide a mailing address or e-filing directions.
Common mistakes
- Leaving out required federal attachments. The form requires a copy of federal Form 1041, Schedule D, and Forms 4797, 6252, or 8949, if filed.
- Using the Column J heading instead of the installment-sale worksheet directions. For installment sales on or after August 1, 1969, the form directs you to use the worksheet result and warns that the Column J heading does not describe that entry.
- Omitting required information. The form warns that failure to provide required information could result in a penalty.
Questions people ask
What date determines whether property qualifies for this schedule?
The property must have been acquired before August 1, 1969. The schedule applies only when you reported gains from its disposition on the federal forms identified on Schedule F.
Where does the final Schedule F amount go?
Add Lines 16 and 17 and enter the result on Schedule F, Line 18. Also enter it on Form IL-1041, Line 13, Column B.
How do I report beneficiaries’ shares?
Enter their shares in Column 2 of Lines 7, 8, and 9. Transfer those amounts to Schedule K-1-T, Step 6, Lines 46, 47, and 48, respectively, in Column A.
What if I filed Form 6252 but did not have to file Form 4797 for an installment sale?
Attach a statement that you were not required to file federal Form 4797 and a copy of federal Form 6252 as filed.
What if the Column J Worksheet result is negative?
If subtracting Column 4 from Column 3 produces a negative result, enter zero in Column 5 and on Schedule F, Column J.