Column D – Enter the total gain in the taxable year for each property as shown on federal Form 1040 or 1040-SR, Schedule D (or federal. Who should file Schedule F?You should file Schedule F only if you reported a. Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets. A profit gained from selling a capital asset is referred to as capital gains. This could be an investment like a stock or an asset like a business. Discover the Illinois capital gains tax and its rates in 2024. Learn about some tax planning strategies to reduce your capital gains taxes. When selling a business in Illinois, common tax implications include capital gains tax on the sale of business assets and potential state taxes.