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IRS.gov Website
Publication 527
taxmap/pubs/p527-009.htm#en_us_publink1000219133

Casualties and Thefts(p14)

For Use in Tax Year 2013
rule
As a result of a casualty or theft, you may have a loss related to your rental property. You may be able to deduct the loss on your income tax return.
taxmap/pubs/p527-009.htm#en_us_publink1000219134

Casualty.(p14)

For Use in Tax Year 2013
rule
This is the damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual. Such events include a storm, fire, or earthquake.
taxmap/pubs/p527-009.htm#en_us_publink1000219135

Theft.(p14)

For Use in Tax Year 2013
rule
This is defined as the unlawful taking and removing of your money or property with the intent to deprive you of it.
taxmap/pubs/p527-009.htm#en_us_publink1000219136

Gain from casualty or theft.(p14)

For Use in Tax Year 2013
rule
It is also possible to have a gain from a casualty or theft if you receive money, including insurance, that is more than your adjusted basis in the property. Generally, you must report this gain. However, under certain circumstances, you may defer paying tax by choosing to postpone reporting the gain. To do this, you generally must buy replacement property within 2 years after the close of the first tax year in which any part of your gain is realized. In certain circumstances, the replacement period can be greater than 2 years; see Replacement Period in Publication 547 for more information. The cost of the replacement property must be equal to or more than the net insurance or other payment you received.
taxmap/pubs/p527-009.htm#en_us_publink1000219137

More information.(p14)

For Use in Tax Year 2013
rule
For information on business and nonbusiness casualty and theft losses, see Publication 547.
taxmap/pubs/p527-009.htm#en_us_publink1000219138

How to report.(p14)

For Use in Tax Year 2013
rule
If you had a casualty or theft that involved property used in your rental activity, figure the net gain or loss in Section B of Form 4684, Casualties and Thefts. Follow the Instructions for Form 4684 for where to carry your net gain or loss.