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Starting at page 12 of publication 925 explains about at-risk limitations for how much loss each partner will be allowed to deduct on their respective K-1s. Here is publication 925: https://www.irs.gov/pub/irs-pdf/p925.pdf
You will need Form 6198 to help you determine the amount of the loss limitation if any. Here is Form 6198: https://www.irs.gov/pub/irs-pdf/f6198.pdf
Before you consider at-risk limitations, you have to consider passive activity limitations first. Publication 925 talks about passive activity limitations as well.
But this publication and that form will help you make your determinations.
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