Dealing with 404 Error

Selected answers from the Dumb SEO Questions Facebook & G+ community.

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  Julio Marquez: hello, ;
  I have many links returning 404 page not found because i have moved one category in my site , should i delete those links from GW account as it could hurt my ranking or i will just ignore them.
  Thank you ;
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  Santiago Ibarra: You should redirect (301) that urls to relevant pages so you pass some juice through 
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  David Harry: yea, even if they have no equity (links inbound etc) it can eat up some of the crawl budget... Redirect is the best answer
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  Julio Marquez: thank you for help ;
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  Athanasios Giannias: If let's say its an ecommerce site and a category has run its course, with no equity, what do we do?
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  Santiago Ibarra: The best approach depends on your site. The following post explains the options you have: http://moz.com/blog/how-should-you-handle-expired-content
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  Tony McCreath: 404s in GWT do not hurt you. The information is good though as it can highlight real problems. Ignore them or do something to help fix the issue they are highlighting:
  
  If it has moved then 301 is a no brainer. ;
  
  If your CMS changes a category URL when you change its name then fix it so it no longer does that. Avoid URL changes when you can.
  
  If changing a category URL also changes all those products in that category, read above. Stop that happening.
  
  If a category or product has really gone then a 404 is fine. Or even a 410 if you are certain. You could 301 to a similar/newer product/category of one is available.
  
  There are other options but they are very specific to circumstances. Look at ebay and how they have to cope will a massive churn in products.