To expand on this, as Carl noted, you will need the depreciation information when you set up the assets in TT Business.
The general rule under Sec. 721 is that no gain or loss is recognized on the transfer of property in exchange for an interest in a partnership (or LLC taxed as a partnership). When depreciable property is contributed to a partnership, the partnership is treated as if it stepped into the shoes of the transferor partner. The partnership uses the depreciation method and remaining depreciable life used by the transferor.
In addition, you (both of you) will now need to begin tracking your basis in your LLC investment.
There is another rule that addresses contribution of assets where the FMV exceeds the adjusted basis of the assets contribution (Section 704(c)). While technically this does apply, if you file a joint tax return (which I am assuming you do) then this really is a moot point since any adjustment will go on the same tax return and the tax will be the same in the end.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
