MADISON, WI (WTAQ) – Tuesday was National Unclaimed Property Day, and the Wisconsin Department of Revenue wants to remind people to check if there’s any property waiting for them to claim.
One in ten Americans have property waiting for them to claim it. Wisconsin Department of Revenue Director of Tax Operations Erin Egan oversees the program.
“We have about $600 million in unclaimed property for Wisconsin residents, and a lot of people don’t even know that we have their property…It could be things like forgotten bank accounts or uncashed payroll checks,” Egan told WTAQ News. “Let’s say you moved and you weren’t getting your dividend checks that you used to get for a stock. Those got turned over to us. It’s basically any intangible assets that went missing, and the business reported it to us for safekeeping until you could come forward and claim it.”
Some of that property dates all the way back to 1970.
“It could be somebody in your family who has passed on. So if you do come to our website and check for unclaimed property, don’t forget to check for relatives too,” Egan said.
But how do you even know if there is unclaimed property waiting for you to claim it? You have to head to the Department of Revenue’s website.
“You’ll be asked to enter last name, first name, or business name – we do have unclaimed property for businesses as well, so check for that if you’re a small business owner in particular. But it’s pretty easy and it just walks you right through how to claim the property if you do find things in your name,” Egan said. “If you checked a couple years ago for your name and didn’t find your name, please look again because we do get property every single year.”
Around $37 million in property was returned to Wisconsinites last year.
Unclaimed property is generally any financial asset belonging to another person. Common unclaimed property types include:
· Annuities
· Bonds
· Checks
· Certificates of deposit
· Checking or savings accounts
· Customer overpayments
· Insurance payments or refunds
· Life insurance policies
· Money orders
· Mutual funds
· Refunds
· Safe deposit box content
· Stocks
· Unclaimed loan collateral
· Uncashed payroll checks
· Utility security deposits
Anyone can search DOR’s Unclaimed Property database for themselves or family members at revenue.wi.gov/UCP. There is no cost to search or file a claim.
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