Partners who materially participate in the business affairs of a partnership are not limited by the passive activity loss rules of Section 469 which means losses (on their K-1s) can be deducted essentially without limitation (to the extent of basis).
However, limited partners rarely materially participate in partnerships (if they do, they're typically considered to be general partners).
The information at the link below can be used to determine whether or not you materially participated.
https://www.irs.gov/publications/p925#en_US_2023_publink1000104582
