PTP Losses Offsetting Other Income

Passive losses from a publicly traded partnership (PTP) can only be used to offset income or gains from passive activities of the same PTP[1]. These losses cannot be used to offset income from other sources or even from other PTPs. Additionally, the special allowance for rental real estate activities does not apply to passive losses from PTPs [1].

For reporting these losses, you'll need to refer to Form 8582, Passive Activity Loss Limitations, for specific instructions on how to properly report income, gains, and losses from PTPs.