About the Author

David M. Gorenberg, CES®

Vice President

David is a member of the Global Capital Markets Specialized Escrow Team, where he manages a portfolio of complex and sophisticated escrow relationships across various industries. He also plays a key role in developing and delivering escrow services to real estate, wealth, and institutional clients, as well as Qualified Intermediaries under IRC Section
1031.

Prior to joining Wilmington Trust in 2018, David was director of 1031 exchange services at Citibank. Earlier in his career, he held leadership positions with three other qualified intermediaries and was president of the Federation of Exchange Accommodators, the only national association for 1031 exchange professionals. With more than 20 years of industry experience, David speaks frequently on ethics and other issues in 1031 exchange transactions, for organizations such as the FEA and REISA, and for law firms and accounting firms around the country.

David holds a JD from Widener University School of law, cum laude, and a bachelor’s degree in political science from Rider University. He also holds the professional designation of Certified Exchange Specialist®.

A former volunteer firefighter, EMT, and Little League coach, David has served on the board of directors of various REALTOR® associations and civic groups, and other professional associations in three states and nationally.


By the Author

IRS Regulations for Reverse Exchanges Under Section 1031

David M. Gorenberg, CES® |
Corporate & Institutional
Real estate investment trusts REITs. Shopping cart and model of house.

Taxpayers often look for opportunities to sell a property they are no longer interested in and purchasing a new property. Many will take advantage of a §1031 tax-deferred real estate exchange.However, according to the Internal Revenue Service Revenue Procedure 2000‑37, taxpayers can also consider a reverse exchange.

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Refinancing in a 1031 Exchange to Gain Equity

David M. Gorenberg, CES® |
Corporate & Institutional
tall-skyscrapers-connected-by-data-cloud.JPG

Taxpayers often wish to pull money out of their properties in an effort to take advantage of the increased equity. One way to do this is by refinancing the property with a third-party lender (a §1031 exchange), which frees up what would otherwise be captive equity. However, this can become complicated. It is important to remember that any cash received or debt relieved in the course of a §1031 exchange is considered “boot” and is subject to taxation.

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IRS Extends Section 1031 Exchange Deadlines

David M. Gorenberg, CES® |
Corporate & Institutional
Futuristic skyscrapers in New York City

Due to the COVID-19 pandemic, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020. Among the provisions of the Act, was the deadline extension for filing 2019 tax returns from April 15, 2020 to July 15, 2020.However, the CARES Act made no mention of extensions for taxpayers with a Section 1031 exchange already in progress. Nevertheless, Rev. Proc.

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