How does a taxpayer claim the Commercial Building Tax Deduction?
The taxpayer should always consult his/her own tax specialist. The IRS has not provided a special form. The IRS instructions for business forms (Form 1120 for corporations, Form 1120-S for S corporations and Form 1065 for partnerships) indicate that the taxpayer should include the amount of the deduction in the amount entered in the “Other deductions” line of the tax return. A statement listing the types and amounts of “other deductions” should be attached to the return. In addition, it is important that a taxpayer obtain and retain the necessary certifications and documentation to claim the deduction. The tax payer does not need to submit the certification documents with his/her tax return. See IRS Notice 2006-52 for these requirements.
