Schedule F (IL-1041): 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-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 only if you reported gains from disposing of property acquired before August 1, 1969, as shown on federal Form 1041, Schedule D (or federal Form 8949, if applicable), and federal Form 4797 or federal Form 6252.
Attach Schedule F to your Illinois Form IL-1041.
What you'll need
- Your Form IL-1041 name and federal employer identification number (FEIN).
- A copy of federal Form 1041, Schedule D, plus federal Forms 4797, 6252, or 8949, if filed. These must be attached.
- Property details, including the description, acquisition and sale month/year, federal gain, and applicable gain categories.
- The property's August 1, 1969, value or applicable fraction, and its federal tax basis on that date, as applicable to the calculation.
- Your share of pre-August 1, 1969, appreciation amounts from partnerships and other trusts and estates, if applicable.
- Form IL-4644 amounts from Lines 18 and 13, if required.
For installment sales, the Column J Worksheet calls for the total federal gain on the sale and gain reported in prior years. If you filed federal Form 6252 but were not required to file federal Form 4797, attach a statement explaining that Form 4797 was not required and a copy of Form 6252 as filed.
How to file
Attach Schedule F to Form IL-1041, along with the required federal form copies. Enter the year ending, your name as shown on Form IL-1041, and your FEIN.
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 valuation limitation amount from Schedule F, Line 18, on Form IL-1041, Line 13, Column B.
The supplied form does not give a mailing address or e-filing instructions.
Common mistakes
- Filing without qualifying gains. The form says to file this schedule only for reported gains from property acquired before August 1, 1969.
- Leaving out required attachments. Attach federal Form 1041, Schedule D, and federal Forms 4797, 6252, or 8949, if filed.
- Missing the installment-sale statement. If you filed Form 6252 but were not required to file Form 4797, attach both the required statement and a copy of Form 6252 as filed.
- Omitting required information. The form warns that failure to provide required information could result in a penalty.
Questions people ask
What does Schedule F calculate?
It calculates the August 1, 1969, valuation limitation amount for gains from sales or exchanges of property acquired before that date. The final amount appears on Line 18.
Where do I report the final amount?
Enter Schedule F, Line 18, on Form IL-1041, Line 13, Column B.
Does the installment-sale worksheet use only this year's gain?
No. Column 1 of the Column J Worksheet asks for the entire federal gain realized on the sale, not just the gain reported this year. Column 4 asks for gain reported on federal income tax returns in prior years.
What if the Column J Worksheet result is negative?
Enter zero in Column 5 if Column 3 minus Column 4 is negative. Transfer that amount to Schedule F, Column J.