Can I claim a fire I had in my workspace In the other deductions category ? I am self employed.

[TurboTaxKim]

You would likely not be able to just claim an "other deduction" for a fire that occurred in your workspace. We would need more information in regards to what items were lost (if any) and what type of damage was a result of the fire to provide you with a complete answer.

Please consider the following:

1. Did you lose any capital assets in the fire? These are items for which you were claiming depreciation or Capital Cost Allowance. If you did lose capital assets, you may be able to claim a "terminal loss" if the class they belonged in is now empty.
2. Was there a loss in revenue due to the fire? If so, this will be reflected in the lower-income you report.
3. Did you lose any inventory or supplies in the fire? An inventory loss would be reflected in your lower inventory at the end of the year, and any supplies lost might need to be repurchased, therefore an expense deduction could be made.
4. Did you need to make any repairs to the area damaged by the fire? Of course, this will be reflected as "Maintenance & Repairs".
5. But the most important thing to consider here is - "Did you have insurance and will you receive any proceeds from the insurance?" 

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