Are there suspended passive losses associated with it?

What would happen to the cost basis and accumulated depreciation if you deleted it?

I usually print out the depreciation details worksheet (for recapture purposes once its sold) and then delete the Sch D

Ive heard other people put all assets to .01% business use and leave the Sch E in place, they both accomplish the same thing.  

EDIT:  I hadnt considered suspended losses, maybe the .01% bus usage and leave the Sch E intact along with the 8582 is a better bet?

I reduce assets to .01% business use as Lisa suggests.  Works fine.  

I would make a note of the depreciation and any passive losses and delete the Schedule E worksheet (unless there are other passive activities that would use the passive loss carryover).

As others noted, some people keep it, but I don't want an unnecessary blank Schedule E filed with the tax returns.

Thanks so much for responding to my question, I do have another related one; client owns another rental property that it was in such a bad shape that had to be demolished, client continue paying the mortgage on the demolished property, client wants to build a new one to continue renting it, since the property no longer exist, I am going to stop depreciation on it, how do I treat these payments since client already owns two personal properties. I would really appreciate your help on the subject. 

It is currently not a rental, so it isn't a rental expense.

My first inclination is that I would capitalize the expenses by making a §1.266-1 election.  That would result in deduction now, but adds to the Basis of the property for when it is eventually sold.

https://www.law.cornell.edu/cfr/text/26/1.266-1