The property contributed is rental property. My understanding is that I add it on the depreciation form at net book value. I am unclear on if I have to start depreciating all over again or if I can depreciation over remaining life.
Yes, when you contribute a depreciable asset to a partnership, your basis, in-service date, and accumulated depreciation carry over to the partnership. The partnership continues to use the depreciation method and remaining depreciable life used by the contributing partner.
In TurboTax, record the property contribution under Business Info >> Partner/Member Information. The value is your net book value (cost less accumulated depreciation).
Then, add a new rental property under Federal Taxes >> Rental Real Estate. The asset itself is recorded under Rental Real Estate Assets (Depreciation).
TurboTax will provide an estimated amount of prior depreciation based on your entries. If this does not agree with your records, you can override the estimate and type in the actual number.
Ref: IRS Pub 541 Contribution of Property