A loss from a K-1 passive activity that you still own can only be used to offset gains from other passive activities. A passive activity
means any activity—
(A)which involves the conduct of any trade or business, and
(B)in which the taxpayer does not materially participate.
I.R.C. 469(c)(1) https://www.law.cornell.edu/uscode/text/26/469
So I think a normal investor buying/selling stocks is not in a trade or business. A day trader without any other job might be.
There is an exception for rental activities if your income is less than $150k and you actively participate in the activity. Active and material participation are legal tax terms of art and are very complicated.
See also https://www.irs.gov/forms-pubs/about-publication-925
When the passive activity is full disposed of all of the suspended losses are allowed and can offset any income in that year.
These rules
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