They are meaningless from a Turbotax standpoint because Turbotax does not calculate tax basis. Calculating tax basis is your responsibility.
schedule L on your k-1 is supposed to be on the tax basis but the IRS instructions for the k-1 warn that certain liabilities may need to be taken into account and there may be other reasons why it might not be accurate.
your tax basis can be computed using the worksheet on page 3 of K-1 instructions also read what's in the k-1 instructions for schedule L
https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf
