Schedule F (IL-1065): Gains from Sales or Exchanges of Property Acquired Before August 1, 1969 (2024)
Illinois · Illinois DOR · Used for tax years 2024
Illinois Schedule F attaches to Form IL-1065 and reports gains from sales or exchanges of property acquired before August 1, 1969, including installment sales. It calculates the August 1, 1969, valuation limitation amount entered on Form IL-1065, Line 25.
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 1065, Schedule D (or federal Form 8949, if applicable), and federal Form 4797 or Form 6252.
Attach Schedule F to your Illinois Form IL-1065.
What you'll need
- Your name as shown on Form IL-1065 and your federal employer identification number (FEIN).
- A copy of federal Form 1065, Schedule D, and federal Forms 4797, 6252, or 8949, if filed. These must be attached.
- Property details, including descriptions, acquisition and sale months and years, federal gains, and the values, tax basis, or applicable fractions requested by the schedule.
- Your share of pre-August 1, 1969, appreciation amounts from other partnerships, estates, and trusts, if any.
- For installment sales after July 31, 1969, the total federal gain realized on the sale and total gain reported on federal income tax 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 and the required federal form copies to your Form IL-1065. Enter the valuation limitation amount from Schedule F, Line 14, on Form IL-1065, Line 25.
For installment sales, use the directions and worksheet on Page 2.
The supplied form does not provide a mailing address or e-filing directions.
Common mistakes
- Leaving out required attachments. Attach federal Form 1065, Schedule D, and federal Forms 4797, 6252, or 8949, if filed.
- Using the Column J heading for installment sales on or after August 1, 1969. The form warns that the heading does not describe this entry. Instead, complete the Page 2 worksheet and transfer Column 5 to Column J.
- Using only this year's gain in the installment-sale worksheet's Column 1. Enter the entire federal gain realized on the sale, not just the amount reported this year.
- Entering a negative amount in worksheet Column 5. Enter zero if Column 3 minus Column 4 is negative.
- Overlooking the partner-distribution reminder. If you distribute amounts on Lines 3, 4, 6, or 7 to partners, the form directs you to the specific instructions for those lines.
- Omitting required information. The form states that failure to provide required information could result in a penalty.
Questions people ask
Where does the final Schedule F amount go?
Add Lines 12 and 13 and enter the result on Schedule F, Line 14, and Form IL-1065, Line 25.
Where do I report appreciation amounts from other partnerships, estates, or trusts?
Enter your share of pre-August 1, 1969, appreciation amounts from those entities on Line 2.
How do I report an installment sale made before August 1, 1969?
Follow the Schedule F instructions for Columns A through C. Enter “INST” in Column D and leave Columns E through J blank. Enter the current-year gains in Columns K, L, and M as directed on Page 2.
How do I complete Column J for an installment sale on or after August 1, 1969?
Complete the Column J Worksheet on Page 2 and enter the amount from worksheet Column 5 in Schedule F, Column J. If the worksheet result is negative, enter zero.
What if I filed federal Form 6252 but did not need to file Form 4797?
Attach a statement that you were not required to file federal Form 4797 and a copy of federal Form 6252 as filed.