If you are reporting Interest income on an instrument like a bond that had accrued interest at the time you purchased, then yes, you would reduce your interest income by the accrued interest at your purchase date.
See this thread for further discussion of this topic.
When you enter the 1099-INT in Wages & Income, under Investments and Savings, and you get to the screen that asks "Do any of these uncommon situations apply?", check the box "I need to adjust the interest reported on my form" and follow the additional prompts to enter the information. Also, read the Learn More link that appears for further information.
See here for more information from the IRS on this topic.
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