Schedule F Il-1040 - Instructions For Form

Line 4

Line 8

Add Lines 1 through 3. Enter the amount here and on Step 4, Line 9.

Add Lines 5 and 6, Column I. Enter the amount here. Also, if your

U.S. 1040, Schedule D, Line 11, shows a gain, enter the amount from

Step 3 – August 1, 1969, Valuation Limitation

Line 8 on Step 4, Line 10.

Amounts for Property Used in Trade or Business

Step 4 – August 1, 1969, Valuation Limitation

(Sections 1231, 1245, and 1250 Property)

Amount. This part must be completed.

If you reported a gain or loss from an involuntary conversion because

Line 9

of casualty or theft of property acquired before August 1, 1969, see

Enter the amount from Step 2, Line 4.

‘‘What if I Had Gains or Losses From Casualty or Theft?”.

Line 10

Line 5

Enter

Column A – Enter a description of the property as shown on your

U.S. Form 4797 or U.S. Form 6252.

the amount from Step 3, Line 8 if your U.S. 1040, Schedule D,

Line 11, shows a gain; or

Column B – Enter the month and year you acquired the property. For

securities you acquired through the exercise of rights, warrants, or

zero if your U.S. 1040, Schedule D, Line 11, is blank or shows a loss.

options, enter the date exercised.

Line 11

Column C – Enter the month and year you disposed of the property.

Add Lines 9 and 10 and enter the total.

Column D – Enter the total gain in the taxable year reported for

Line 12

federal income tax purposes from each property listed in Column A.

Enter

These gains are shown on U.S. Form 4797, Part I, Line 2, Column g,

the net capital gain from your U.S. 1040, Schedule D, Line 16; or

and Part III, Line 24, or on U.S. Form 6252, Part II, Line 24.

zero if your U.S. 1040, Schedule D, Line 16, is blank or shows a loss.

Column D1 – Enter for each property the portion of Column D that is

Line 13

ordinary income under Section 1245 or 1250 of the Internal Revenue

Code (IRC). This is reported on U.S. Form 4797, Part III, Lines 25b

If you sold employer securities received in a distribution from a

and 26g, or on U.S. Form 6252, Part II, Line 25.

qualified employee benefit plan and realized gain on the sale, include

Column D2 – Enter for each property the portion of Column D that is

on Line 13 the amount from Form IL-4644, Line 13.

a gain under Section 1231 of the IRC. Find this amount

If you are a beneficiary of an estate or trust that received a capital

by subtracting the sum of U.S. Form 4797, Lines 25b, and 26g,

gain distribution from a qualified employee benefit plan or realized

from Line 24 of the same form, or

a capital gain on the disposition of certain employer securities that

on U.S. Form 6252, Line 26.

were distributed under such a plan, the amount of the gain you

received as a beneficiary of such estate or trust may be subject to

Column E – See instructions for Step 2, Line 1, Column E.

limitation. Include the amount of your share of these amounts.

Column F – If you entered the fair market value of the property

in Column E, enter in Column F the federal income tax basis as of

If you received a lump-sum distribution from a qualified

August 1, 1969. Federal income tax basis is the amount you would

employee benefit plan and a portion of that distribution was reported

have entered as ‘‘cost or other basis’’ on U.S. Form 4797 or U.S. Form

as capital gain on your U.S. 1040, Schedule D, you must include the

6252 if you had sold the property on August 1, 1969. If you entered a

amount of the capital gain on this line. However, you may claim the

fraction in Column E, leave Column F blank.

subtraction for this capital gain on your Form IL-1040, Line 5, not on

Schedule F. See Form IL-1040 instructions.

Column G – See instructions for Step 2, Line 1, Column G.

Lines 14 through 17

Column H – Enter the smaller of Column G or Column D1. If you

show no amount in Column D1, enter zero in Column H.

Follow the instructions on Schedule F.

Column I – Enter the smaller of Column D2 or the result of

What if I Had Gains or Losses From Casualty or Theft?

subtracting Column H from Column G. If Column D2 is blank, enter

If you report a gain or a loss from an involuntary conversion because

zero in Column I.

of casualty or theft of property acquired before August 1, 1969, follow

Line 6

these steps:

Column H – Enter your share of any pre-August 1, 1969,

If you reported on U.S. Form 4797 a gain from such conversion,

appreciation amounts for Sections 1245 and 1250 gains from

report the gain in accordance with the instructions for Step 3 of this

partnerships or S corporations as reported on all K-1-P schedules,

schedule.

Step 6, Line 48.

If you reported on U.S. Form 4797 a net loss from such conversion,

trusts or estates as reported on all K-1-T schedules, Step 6,

complete Step 3 only if you reported Section 1245 or 1250 gain

Line 46.

on the conversion. Complete Columns A through D1 and Columns

E through H in accordance with the Step 3 instructions for those

Column I – Enter your share of any pre-August 1, 1969, appreciation

Columns. Enter zero in Column D2 and Column I.

amounts for Section 1231 gains from

What about partnerships or S corporations?

partnerships or S corporations as reported on all K-1-P schedules,

Step 6, Lines 49 and 50.

If you shared in pre-August 1, 1969, appreciation amounts from

trusts or estates as reported on all K-1-T schedules, Step 6,

a partnership or S corporation because of involuntary conversion

Line 47.

by casualty or theft of property acquired before August 1, 1969,

complete Step 3, Line 6, Column I as follows:

You must include the amounts reported to you on all K-1-P

If you reported a net gain on your U.S. Form 4797, enter your share

schedules received from partnerships and S corporations and all

of Section 1231 appreciation amounts from all K-1-P schedules,

K-1-T schedules received from trusts and estates.

Step 6, Line 49.

Line 7

If you reported a net loss on your U.S. Form 4797, enter your share

Add Lines 5 and 6, Column H. Enter the amount here and on Step 4,

of Section 1231 appreciation amounts excluding appreciation

Line 16.

amounts attributable to involuntary conversions by casualty or theft

from all K-1-P schedules, Step 6, Line 50.

IL-1040 Schedule F Instructions back (R-12/14)

Schedule F Il-1040 - Instructions For Form - 2014 Page 2

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