Schedule F (IL-1065): Gains from Sales or Exchanges of Property Acquired Before August 1, 1969 (2025)
Illinois · Illinois DOR · Used for tax years 2025
Illinois Schedule F (IL-1065) 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, and is attached to that return.
Who files this form
File Schedule F with Form IL-1065 only if you reported gains from disposing of property acquired before August 1, 1969. The form identifies gains reported on federal Form 1065, Schedule D (or federal Form 8949, if applicable), and federal Form 4797 or Form 6252.
What you'll need
Have these forms and details ready:
- Your Form IL-1065, including the name shown on it, your federal employer identification number (FEIN), and your year-ending month and year.
- A copy of federal Form 1065, Schedule D, and federal Forms 4797, 6252, or 8949, if filed. These copies must be attached.
- Property descriptions, acquisition and sale dates by month and year, and federal gain amounts.
- The August 1, 1969, value or applicable fraction and federal tax basis on that date, where required by the schedule.
- Your share of pre-August 1, 1969, appreciation amounts from other partnerships, estates, and trusts.
For installment sales, the Column J Worksheet calls for the total federal gain on the sale and the total gain reported in prior years. If you filed federal Form 6252 but were not required to file federal Form 4797, attach both a copy of Form 6252 as filed and a statement that Form 4797 was not required.
How to file
- Enter your year-ending month and year, the name shown on Form IL-1065, and your FEIN.
- Complete the property and gain entries and the valuation limitation calculation. For installment sales, follow the directions on page 2.
- Enter the Line 14 valuation limitation amount on Form IL-1065, Line 25.
- Attach Schedule F to Form IL-1065, along with the required federal forms and any required statement.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Leaving out required attachments. The form requires copies of the listed federal forms, if filed. Certain installment sales also require a statement that federal Form 4797 was not required.
- Overlooking the installment-sale directions. The form points to page 2 for installment sales. For sales on or after August 1, 1969, Column J uses Column 5 of the worksheet, not the calculation described in the Column J heading.
- Missing 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 warns 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 to get the August 1, 1969, valuation limitation amount on Line 14. Enter that result on Form IL-1065, Line 25.
Where do I enter appreciation amounts from other partnerships, estates, and trusts?
Enter your share of pre-August 1, 1969, appreciation amounts from those sources 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.
What if the Column J Worksheet gives a negative result?
If Column 3 minus Column 4 is negative, enter zero in Column 5. Transfer that amount to Schedule F, Column J.