# At 78 He'll Need $150,000 Without Tax

> An 78-year-old can borrow against stocks held since the 1990s to access $150,000 tax-free until death.
- Title: At 78 He'll Need $150,000 Without Tax · 24/7 Wall St.
- Summary: An 78-year-old can borrow against stocks held since the 1990s to access $150,000 tax-free until death.
- Keywords: tax, brokerage, capital gains, estate planning, loan, stocks, brokerage account, tax-free, 78-year-old, stocks held since 1990s, He'll, Need
- Source: 24/7 Wall St. — https://247wallst.com/personal-finance/2026/10/11/at-78-hell-need-150000-and-borrow-against-the-brokerage-account-instead-of-selling-stock-hes-held-since-the-nineties-the-gain-has-never-been-taxed-and-if-he-holds-on-it-never-will-be
- Author: David Beren
- Published: 2026-10-11T17:08:51+00:00
- Read time: 1 min
- Topics: tax, brokerage, capital gains, estate planning, loan, stocks, brokerage account, tax-free, 78-year-old, stocks held since 1990s
## Tax-Free Strategy for Wealthy
An 78-year-old needs $150,000 but selling stocks held since the 1990s triggers a tax bill.
## Borrowing Avoids Tax Bill
Borrowing against the brokerage account raises the same cash without taxable income.
## Tax Rule 1: Loan Not Taxable
Borrowed money isn’t taxable income because a loan creates a legal obligation to repay it.
## Tax Rule 2: Estate Basis
Property included in your estate takes a basis equal to its value on the date of death.
## Example: $150,000 Sale
A married couple with $260,000 income would owe $30,549 in federal tax selling $180,549 of stock.
## Loan Interest Costs
Loan interest runs until death, costing $1,500 per year for each percentage point on the loan.
## Market Drop Risk
A market drop can force the sale of pledged shares at low prices, triggering tax bills.
## Who Benefits Most
The strategy fits someone with a large embedded gain, diversified portfolio, and short expected horizon.
## What Happens Next
If the market falls sharply, the borrower may have to sell shares at low prices and pay tax.
## Key takeaway

An 78-year-old can borrow against stocks held since the 1990s to access $150,000 tax-free until death.