You have to be At Risk for the amount of loss in order to be able to deduct it. You will see a question about that when you enter the K-1 schedule if you have a loss. At risk means you have money invested in the ownership of the business that you haven't used up through loss deductions.
For instance, if you pay $10,000 for your partnership interest and deduct $5,000 of losses from it, you only have $5,000 at risk, so the following year you can only deduct $5,000 of losses.
It is also possible that the partnership is a passive activity itself, as would be the case if it was involved with rentals. That can also limit your ability to deduct losses.
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