1. Yes. All the losses are on your K-1. You simply need to enter the k-1 form and the program will generate the Sch E needed.
2. It first goes against long term gain, then short term gain. If there is still a loss, you can claim up to $3,000 against your regular income. The remainder will be a carryover for future years. See How to carryover a business loss from K-1.
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