You would first deduct the loss in the year it occurred to the extent allowable, then any unused loss would be carried over to the next year. You can't just pick and choose what year to apply the loss to. You should use Form 172 to calculate your net operating loss (NOL) and file it with your tax return in the year of the loss and for each year you can claim the deduction.
Another thing to keep in mind is that you can't deduct a loss from the partnership to the extent you don't have basis in the company. In other words, you can't deduct more that what your net investment is in the partnership, so your net operating loss would not include non-deductible losses from the partnership.
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