1250 gain is kind-of unique in that it is comprised of a few parts.  The depreciation that the business took on your real property is recaptured at the max 25% capital gains rate.  This is not ordinary income so I don't think that you wouldn't be able to offset it with a prior year PAL from Sch E / Form 8582.  You would instead offset them with capital losses, if any, from schedule D.  I think that the portion of the gain that is ordinary income would offset the PAL if you don't have active participation in the business that generated the K-1.