Would shareholders of an LLC have any restrictions on being able to take K-1 losses on their personal tax returns.

Specifically, I am an investor for a start-up company and have put an initial $50,000 investment and my K-1 losses amount to $72,000 which is a proportionate share of my investment.

I was curious as how much I may be able to deduct on my tax return. Clearly I am hoping that I can take the entire $72,000 loss as reported on the K-1, is that right??

Thanks..