Transferring rental property from LLC TO Personal name

[Bill Jessa]

My brother and I own several units in a LLC. It is a two member LLC....

One of the unit owned by the LLC, my brother wanted to take over personally for his personal use. We would transfer the unit through a quit claim deed and transfer the unit into his name. The unit has been owned by the LLC for about 4 years and we have been depreciating it over 27.5 years. Do we need any other documents before we transfer the unit?

How do we book the transaction in quick books. Also since we have taken depreciation on the unit (the LLC owned the unit for about 3 -4 years) how do we book that and what will be his basis. Will his basis be total cost paid for the unit when we purchased it plus renovations that we did in December of 2018 less depreciation taken during the period Wentwood LLC owned the unit....and that is what I have to book as partner distribution.

Thanks...