Schedule F (IL-1120-ST): 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-1120-ST and reports gains from sales or exchanges of property acquired before August 1, 1969. It calculates gain amounts to enter on Schedule K-1-P and includes a worksheet for installment sales.
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 1120-S, Schedule D (or federal Form 8949, if applicable), and federal Form 4797 or 6252.
This schedule is attached to Form IL-1120-ST.
What you'll need
- Attach a copy of federal Form 1120-S, Schedule D, and federal Forms 4797, 6252, or 8949, if filed.
- 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.
- Have the property descriptions, acquisition and sale dates, federal gains, and the August 1, 1969, value or applicable fraction and federal tax basis needed for the schedule.
- For the installment-sale worksheet, you need the total federal gain realized on the sale and the total gain reported on federal income tax returns in prior years.
How to file
Attach Schedule F to your Form IL-1120-ST, along with the required federal form copies and any required statement.
Enter the year ending, your name as shown on Form IL-1120-ST, and your federal employer identification number (FEIN).
Transfer the Schedule F totals to Schedule K-1-P, Step 6, Column A:
- Line 3 to Line 48.
- Line 4 to Line 49.
- Line 6 to Line 50.
- Line 7 to Line 51.
Common mistakes
- Using the Column J heading for an installment sale on or after August 1, 1969. Instead, complete the Column J Worksheet and enter its Column 5 amount in Schedule F, Column J. The form warns that the Column J heading does not describe this entry.
- Entering only this year's gain in worksheet 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. If Column 3 minus Column 4 is negative, enter zero.
- Leaving out required information. The form states that disclosure is required and that failure to provide information could result in a penalty.
Questions people ask
How do I report an installment sale made before August 1, 1969?
Enter “INST” in Column D and leave Columns E through J blank. In Columns K, L, and M, enter the gains from that sale reported this year: Section 1245 or 1250 gain in K, Section 1231 gain in L, and gain reported on federal Schedule D or Form 8949 in M.
What worksheet applies to an installment sale on or after August 1, 1969?
Complete the Column J Worksheet on the back of Schedule F. Enter the worksheet's Column 5 amount in Schedule F, Column J.
Where do I report my share of pre-August 1, 1969, appreciation from a partnership, trust, or estate?
Enter your share of those appreciation amounts on Line 2.
How do I handle gains attributable to casualty and theft?
On Line 5, enter the portion of Line 4 attributable to involuntary conversions by casualty and theft. Subtract Line 5 from Line 4 and enter the result on Line 6 and on Schedule K-1-P, Step 6, Line 50, Column A.