I know there have been variations of this situation, but sometimes there are conflicting answers. So here goes. I bought and sold all my USO ETF in 2020 and received both a broker 1099-B and K-1 for the sale. On the 1099-B, the cost was $2400 and sale was $3100, or a net income of $700. On the K-1, the cost was $2400 but the sale was $3220 or a net income of $820. I entered all the K-1 info as prompted by TT. Then as not to duplicate the profit, I read that I would simply increase the cost basis of the 1099-B by $120 (the difference in profit). But in doing that, I still owe more taxes than if I just reported the values of the 1099-B and didn't report the K-1. I know it is best to report both, but do I adjust the 1099-B cost basis until I have the same tax if without a K-1 or am I missing something? Appreciate any help. Thanks in Advance.
