Protect Legal Wisconsin Abandoned Property Forms For Free

DUE DILIGENCE TO LOCATE OWNER This requirement applies when Page 2 the value of the unclaimed property is at least $50. You may do this by sending a letter, via first class mail, to the owner at the owner's last known address during the legal notification period (also known as the due diligence).

Property becomes unclaimed or abandoned when there isn't owner activity on the account for a period of one to five years (depending upon the type of property) and is reportable to the Department of Revenue (DOR) if the holder of the asset does not make contact with the owner as a result of due diligence.

After a business has held unclaimed property for 5 years, by state statute they must turn it over to the Wisconsin Department of Revenue where it is held until the rightful owner comes forward to claim the asset. To find out if you have a claim, contact the Wisconsin Department of Revenue (click on web link below).

Unclaimed funds are those assets where the rightful owner cannot be located. Typically unclaimed funds and property are handed over to the state the assets are located in, after a dormancy period has passed. When claiming unclaimed funds that have risen in value, taxes may be assessed at the time as ordinary income.

After one to five years of inactivity, Wisconsin businesses are required to turn over all unclaimed money, stock, and safe deposit box contents to the Department of Revenue. This process relieves businesses from the expense and liability associated with carrying unclaimed property on their financial records.

How to Claim Unclaimed Property in Wisconsin - YouTube YouTube Start of suggested clip End of suggested clip You can include up to 20 properties per claim. Once you've added all your properties. Click on theMoreYou can include up to 20 properties per claim. Once you've added all your properties. Click on the claim button and follow the prompts. Once you've completed the claim you'll receive a confirmation.