I received Schedule K-1 form 1065 from ETF (partnership). Same transaction is reported in Form 1099 B received from my Broker. How to adjust 1099B to avoid double tax?

[dipanwitary]

The K-1 form (final K-1) has Cost Basis different  (lower) from 1099B. It shows a capital gain as I liquidated it within 1 year. I entered both the form details in Turbotax. Now the choice is
1. Delete the entry for the ETF from 1099B transactions and keep K-1 only
2. Adjust the cost basis in 1099B transaction so that there is no capital gain from that transaction and keep K-1 capital gain only

Let me know which is the better of the two and is there any other options as well?

[JeffreyR77]

First determine what the correct cost basis is. 

The 1099-B likely reports the most accurate proceeds amount received when sold. 

It is also likely the business captured more accurately the costs of sale so your K1 is likely the most accurate record of gain. 

If this is the case, you should delete the ETF transaction reported on the 1099-B as duplicative reporting what is reported on your K1.

[dipanwitary]

1099 B says they are not reporting the cost basis to IRS (Box B checked) although it shows a cost basis

My K-1 form initial cost basis is same as 1099 B but the final cost basis is different (lower) from 1099 B due to an adjustment made by them. 

So if I understood your response, I should use my K-1 information including the final cost basis to report the transaction and delete 1099 B transaction.

Let me know if this is correct?

[JeffreyR77]

Yes. That is correct.