To answer your original question, the value of the property you contributed to the LLC is your half of the adjusted basis of the property at the time you deeded it over to the LLC. Your wife's contribution would be her half. [26 U.S. Code § 723.Basis of property contributed to partnership]
The TurboTax expert was correct in that a multi-member LLC should file a partnership return. However, you can file as a Qualified Joint Venture on the 1040, with a schedule C for each of you, reporting your share of the income and expenses.
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