@JesusIsHeaven It is best to start a new question, rather than tagging on to a old "similar" thread.

Report the 1099 as usual, and use the k-1 to make adjustments to whatever basis the 1099 might show. I am assuming it is reported without basis being reported to IRS. I generally use Ctrl + E to write myself some notes. 

Bookmark this for Lacerte and K-1s https://proconnect.intuit.com/community/schedule-k-1/help/entering-partnership-schedule-k-1-line-box...