1) IF the expenses are deductible at the partnership level, the loss will show on the K-1.

2) The K-1 amounts show on F 1040, Sch E, page 2 IF they are deductible. 

You imply the K-1 is a passive investment; deductibility of passive losses on F 1040 is dependent on many factors.

Is this your first F 1065, and the first time you've dealt with a K-1 on a F 1040?