there is a special allowance of up to $25,000 for passive losses from rental real estate activities if you actively participate and if your adjusted gross income before this loss is $150,000 or less. the special allowance does not apply to non-real estate passive losses. those losses are suspended until you have passive income or dispose of the non-real estate activity.
losses from publicly traded partnerships (PTP or MLP) are treated differently. each activity stands on its own. losses whether rental or other are suspended until that partnership either has offsetting income or is disposed of. income from one PTP/MLP can not be used to offset the loss of another. (this refers to line 1, 2 and 3 on the k-1)
