According to an article by Albert B. Ellentuck, Esq that appeared in the AICPA's publication "The Tax Advisor":
Generally, Sec. 721 provides that a member’s transfer of property to an LLC taxed as a partnership does not result in income or loss to the member or the LLC. The LLC steps into the shoes of the contributing member with respect to the holding period and adjusted tax basis of the contributed property (Secs. 1223 and 723). This general nonrecognition rule applies both to contributions made upon the formation of the LLC and to subsequent contributions by new or existing members.
In other words, your cost basis, depreciation, holding period, etc is the same for the LLC as it was for you personally.
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