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Tax Corner- Unclaimed Property

March 11, 2025 | Weekly Commentary

It’s common for individuals and businesses to lose track of checks issued to them or bank holdings. This can happen due to misplacing the check, the issuer misspelling your name, or using an outdated address. 

Each state has laws defining the abandonment period, after which the holder of the property must turn it over to the state due to inactivity. In Pennsylvania, 1 in 10 people have unclaimed property, with an average claim of around $1,600. 

Have you checked to see if you have any unclaimed property lately? 

Pennsylvania Unclaimed Property = https://patreasury.gov/unclaimed-property/ 

New Jersey Unclaimed Property =  https://www.nj.gov/treasury/unclaimed-property/