Unclaimed Property Blog

This statement, “The IRS has money for you” may seem odd to most of us; but there are many that have not received their refund. Read on for details on this.

Currently Georgia and Utah have published information regarding the IRS looking for residents in these states. Since we are talking IRS, this is happening in all states.

Some of you may ask how is this possible? One reason is that in today’s society people move around often and do not always leave forwarding addresses. Another common reason is that the peron filling out their tax return does not put the correct address down. So as you check your figures, check the address too.

Looking for money? Ever think to look to your state? No, not welfare money, but money that is yours. States hold money that belongs to the residents and sometimes the residents do not know it.

This money comes from forgotten or lost assets that are by law turned over to the state by financial institutions. The law for Indiana is when there has been no activity on an account for the last five to seven years (depending on the account) the money is to be turned over to the state as unclaimed property. Unclaimed property may also include the contents of a safe deposit box which has been turned over to the state. After 25 years this money if still unclaimed reverts to the state.