Hey Tax Guy Bill, sjrcpa and qbteachmt......thanks for the replies to my questions.

I have a fee more, just trying to understand.

1. So if I don't add the property as as asset, does this mean that I don't have to show the transaction of purchasing the house in the partnership tax return?

2. In addition to the transaction of closing on the house,  there was mortgage interest, real estate tax, utilities, etc. and the costs to renovate the house during the months that after the house was closed on. The house was purchased in 2019, but not sold until 2020. Do I claim the mortgage interest, real estate taxes, utilities and all other operating costs as expenses on for 1065? Which then flow to the partners Form 1040's? And what about the costs to renovate the house so it can be re-sold in 2020? 

Thanks again.

Jabbo