I don't think you get to offset other interest income.  It just "catches up" once the bond actually pays interest to the taxpayer (presumably in 2020).

So if you paid $400 of accrued interest in November, 2019 because you purchased the bond between interest dates and then the bond pays $500 interest in January, 2020 you would treat only $100 of the January interest as income.  But you don't offset other 2019 income.

At least that's my unresearched 2-days-before-a-deadline answer. 🙂

Rick