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

Vacation Homes and 1031 Exchanges

David M. Gorenberg, CES® |
Corporate & Institutional
1031 Vacation Home NC.jpg

Vacation Homes and 1031 ExchangesUntil recently, it has been unclear whether IRC Section 1031 applies to the “exchange” of vacation homes. In the absence of binding guidance, taxpayers often referred to a 1981 Private Letter Ruling (PLR) that seemed to indicate exchange treatment was available where the  taxpayer had acquired both the relinquished property and replacement property in hopes of future appreciation.

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Keep Your 1031 Exchange Proceeds Safe

David M. Gorenberg, CES® |
Corporate & Institutional
1031 Proceeds NC.jpg

The trouble began in 2007. The 1031 Tax Group LLC, a privately-held qualified intermediary based in Richmond, VA, filed for bankruptcy protection. Edward H. Okun is owner and sole “member” of the company. Additionally, 16 other subsidiary firms (in San Jose, Boston, Denver, San Antonio, Tampa and New York), each designated as qualified intermediaries, also sought bankruptcy protection in the filing.

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Understanding a Year-End 1031 Exchange

David M. Gorenberg, CES® |
Corporate & Institutional
1031 Year End NC.jpg

Learn about how the year-end 1031 exchange works and what restrictions apply to exchangers.Under IRC §1031 individuals and businesses may exchange qualifying property for like-kind replacement property.Only property held for investment or for productive use in a trade or business qualifies for a like-kind exchange.Taxpayers need to be aware of all timing restrictions under Section 1031 of the Internal Revenue Code (IRC §1031).

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