Schedule F (IL-1120-ST): 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-1120-ST to report gains from sales or exchanges of property acquired before August 1, 1969. It calculates pre-August 1, 1969, appreciation amounts and gain amounts to report on Schedule K-1-P.
Who files this form
File Schedule F with Form IL-1120-ST only if you reported gains from disposing of property acquired before August 1, 1969, as shown on federal Form 1120-S, Schedule D (or Form 8949, if applicable), and federal Form 4797 or Form 6252.
What you'll need
Have the following information and documents ready:
- Your name as shown on Form IL-1120-ST, federal employer identification number (FEIN), and tax year ending month and year.
- A copy of federal Form 1120-S, Schedule D, and copies of federal Forms 4797, 6252, or 8949, if filed. These must be attached.
- Property descriptions, acquisition and sale dates by month and year, and federal gains reported this year.
- The August 1, 1969, property value or applicable fraction, and federal tax basis on that date, as applicable to the columns you complete.
- Your share of pre-August 1, 1969, appreciation amounts from partnerships, trusts, and estates.
- For the installment-sale worksheet, the total federal gain realized on the sale and the 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 both a copy of Form 6252 as filed and a statement explaining that Form 4797 was not required.
How to file
Attach Schedule F to your Form IL-1120-ST, along with the required federal forms and any required statement.
Enter the Schedule F amounts on Schedule K-1-P, Step 6, Column A, as directed:
- Line 3, the total of Column K: Line 48.
- Line 4, the total of Column L: Line 49.
- Line 6, Line 4 minus the casualty and theft involuntary-conversion amount on Line 5: Line 50.
- Line 7, the total of Column M: Line 51.
The supplied form does not provide a mailing address or e-file instructions.
Common mistakes
- Filing the schedule when it does not apply. The form says to file it only for the specified gains from property acquired before August 1, 1969.
- Leaving out required attachments. Attach the listed federal forms if filed. If you filed Form 6252 but were not required to file Form 4797, include the required statement and a copy of Form 6252.
- Using the Column J heading for an installment sale on or after August 1, 1969. The form warns that the heading does not describe this entry. Use Column 5 of the Column J Worksheet instead.
- Failing to provide required information. The form warns that this could result in a penalty.
Questions people ask
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. In Columns K, L, and M, enter the specified Section 1245 or 1250, Section 1231, and Schedule D or Form 8949 gains reported this year.
How do I complete Column J for an installment sale on or after August 1, 1969?
Complete the Column J Worksheet and enter its Column 5 amount in Schedule F, Column J. The printed Column J heading does not describe this installment-sale entry.
Does “total gain” in Column 1 of the worksheet mean only this year's gain?
No. Enter the entire federal gain realized on the sale, not just the gain reported this year. Column 4 separately asks for the total gain reported on federal income tax returns in prior years.
What if the worksheet result is negative?
In Column 5, subtract Column 4 from Column 3. If the result is negative, enter zero. Otherwise, enter the result in Column 5 and in Schedule F, Column J.