Two questions:Do I file a form 4797 for disposing of this business asset?

What I've bought out of state has been fairly new construction and while there is maintenance (garbage disposals, hot water heaters, etc.) that's a far cry away from demoing walls.  

Ideally I  want to be able to have more money at my disposal if needed.Thank you for your feedback.  

All said and done I will be saving the seller well over $10,000 in the disposing of her asset, and I will be getting the buyer into a home (they already live in) for a price that makes sense for them, and slightly below market value.

Might as well chase the waste disposal fee while your at it.

So, if my passive activity losses are greater than my passive income (and they will be due to depreciation), I have to carryover any and all loss until I dispose of the property, which could be a very long time since I plan to buy and hold.But, here's the interesting thing -- for the HELOC on my primary residence used to help purchase the property -- the interest paid on the HELOC IS deductible against W-2 income, even if used that on for an investment property, and regardless of passive activity loss rules.

I went to Carnegie Mellon in Pittsburgh for school - my undergrad education is in Architecture so I have all the tools at my disposal to design value-add spaces and as a bonus I'm pretty good at coloring in between the lines.

I didn't want to continue to sit on the sideline with such a wonderful networking/educational tool at my disposal.

Only in Joint tenancy is there the right of survivorship.In community property each spouse has the right to dispose of his or her half of the community property by will to whomever he or she wishes.

The laws here don't specifically state what you can and can't do with a tenants property once they move out but our lease states that anything left behind can be disposed of or sold at our discretion.