Why are the sales proceeds and/or cost basis so high on my 1099-B?

[unknown41]

@JillS56 Yes, my friend and I understand that he has losses that he can get a deduction how you said, but what I’m trying to say is that, my friend went to H&R Block and the person helping him didn’t say anything about a deduction, and claimed that the IRS will see his PROCEED as income and will get taxed on his proceed, I just want to make sure that the person who is helping out is wrong because the IRS doesn’t tax you on your PROCEED just if you have capital gains and if you have losses like my friend, you get a deduction. 

[JillS56]

You are not taxed on your proceeds you are taxed on the net gain/loss.  If a loss, there is no tax but a deduction.  I do not want to speak badly of H&R Block, but the information as you are re-iterating it to me is incorrect.   I really do not understand what they were trying to say to your friend.    Did he file with H&R Block?   Is he sure the individual at H&R Block entered the information correctly?

[unknown41]

@JillS56 No he hasn’t filed with them yet. He knew what she was saying was not right and he tried explaining it to her, but the H&R Block person told him that she was going to do some research and contact him on Monday. I told him that if she tries to say the same thing to him to forget it and to file with Turbo Tax.