In addition to the guidance provided by @Anonymous , many MLP's are also PTP's.
What this means is that the tax treatment of this activity is handled separately and is not combined with any other passive activities that you may hold. If input into TT correctly, the software will handle this correctly. This can be confusing. At a high level, what this means, is that if your MLP is also a PTP and generates losses, those losses will only be able to be utilized to the extent that this specific MLP (PTP) generates income.
Each PTP is tracked separately within TT and are not grouped with any other passive activities.
*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.
