a k-1 real estate loss (line 2 or income on that line) does not go on page 1 of schedule e. it goes on page 2 to the extent allowed. Depreciation, except for section 754 depreciation would be included on line 2 of the k-1 and is not separately reported. You are likely subject to the passive activity rules which means that the line 2 amount would flow first to form 8582 to calculate any allowed portion. any allowed portion flows to schedule 1 line 5
