You need to be maintaining a tax basis schedule for this "investment".
You can only determine if this loss is allowable if you know your tax basis.
Additionally, you should be completing IRS form 7203.
How long have you been receiving a K-1?
What type of income / loss has prior year K-1's reflected?
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
