Correct, you will not do anything with those expenses specifically because your wife invested that equipment (regardless of how it was purchased) into the business. This transaction created her basis in the partnership which is really just the value of her portion of ownership of the business. Her K-1 may include a basis reconciliation that will show the value of the property as her beginning number then her share of net income will add to it as the business continues to operate.
Each year she will get her K-1 and you just need to enter that information in for your personal tax return.
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