You can apply passive loss carryovers from previous and the current year to passive income from another activity. So, "yes" to question 2, assuming the other K-1 is from a passive activity.
For question 1, you can only deduct the passive losses when you fully dispose of the activity in a taxable transaction with an unrelated party, or you have income from other passive activities to apply it to.
For rental properties, however, you can deduct up to $25,000 of losses in the current year against ordinary income, but there is a phase out of this deduction starting at income of $100,000 and is totally phased out at income of $150,000.
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