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

How Long do I Have to Hold Replacement Property in a 1031 Tax Deferred Exchange?

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

This is one of the most common questions asked of a qualified intermediary.The answer: Qualifying property under §1031 must be held by the taxpayer for “productive use in a trade or business, or for investment.” The determination of whether property is held for productive use in a trade or business or for investment is made as of the time of the exchange.

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Revenue Procedure 2005-14 and Your Home Sweet Home

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

For quite some time, the interaction of §121 (exclusion of gain on the sale of a principle residence) and §1031 (non-recognition of gain or loss in like-kind exchanges) has confused many taxpayers. Fortunately, the Internal Revenue Service has provided clear guidance on this matter with Revenue Procedure 2005-14.

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Advance Planning Can Help with Early Release of Exchange Proceeds

David M. Gorenberg, CES® |
Corporate & Institutional
Early Release Exchange NC.jpg

Occasionally, a taxpayer will request the return of his or her exchange proceeds in the middle of a §1031 exchange. But it is important to consider the consequences. For example, a taxpayer could trigger a capital gains liability if he or she identifies multiple replacement properties, acquires one of them, decides not to complete the rest of the exchange, then requests the return of the remaining proceeds from the qualified intermediary (QI).

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