Wisconsin Is Giving (Your) Money (Back) To You -- For Free!

Do not adjust your device’s screen, your eyes do not deceive you. Wisconsin is giving you back your own money for free . . . sort of. The following is a brief overview of the Wisconsin Department of Revenue (WDOR) Unclaimed Property system.

What is Unclaimed Property
Unclaimed property is a financial lost and found.  Despite best efforts, sometimes assets find their way into unclaimed property.  Fortunately, Wisconsin (like all states) maintains a database of such unclaimed property so that assets can reach their rightful owners.  The timeline for unclaimed property in Wisconsin generally looks something like this:

1. Becoming “Unclaimed.”  Property becomes unclaimed when the business or organization that holds it cannot locate the rightful owner, this process usually takes 1-5 years depending on the type of property.  Businesses and organizations must report any property they believe to be unclaimed to WDOR to be added to the unclaimed property database.[i]

2. State Custody.  WDOR will maintain the property in its custody for a set amount of time after receiving it.  In general, unclaimed property is sold at public auction within 3 years of WDOR’s receipt; however, securities—unlike other types of property—are sold at or shortly after 1 year in WDOR’s custody.  WDOR then holds the cash from the sale of the assets.  It is important to note for potential tax purposes that property held by WDOR may accrue interest and/or be subject to capital gains. [ii]^,[iii]

3. The Unclaimed Property Fund.  Unclaimed property (or associated sale proceeds) is held by WDOR indefinitely.  However, WDOR will only maintain funds that come to the state from a probate proceeding or are otherwise illegal to transfer for 10 years.[iv]

4. Claiming.  Once a claimant proves legal ownership of or right to receive the funds WDOR will review the claim and, upon approval, pay out the funds at no cost.[v]

Why You Should Act Promptly
Claiming unclaimed property can be a relatively painless task but the longer that you wait to start, the more complicated, time-consuming, and potentially expensive the process can be.[vi]

1. Paperwork.  The further removed a claimant is from the original owner of the property, the more documentation is required to claim it.  You may want to check the unclaimed property database periodically to identify property to be claimed to possibly eliminate some hassle.[vii]

2. Taxes.  Depending on the circumstances, the funds claimed may be subject to income, capital gains, or other applicable taxes.  Promptly claiming property can help to simplify the tax considerations for your unclaimed property.

3. It’s Yours.  The most basic, but perhaps the most important point: it’s yours. Unclaimed property is held by WDOR for the sole purpose of being claimed by its rightful owner.  So, claim your property.

Be sure to check Wisconsin and other States’ unclaimed property lists for assets you may be eligible to receive. As you begin your search, make sure to carefully read the rules for each state, and if necessary, consult with legal, financial, and/or tax professionals to fully understand the circumstances and nuances of your claim.

For more information on preparing your unclaimed property claim, click here.

To see if you have unclaimed property and file a claim with the WDOR, click here.

[i] WDOR Overview of Unclaimed Property.

[ii] WDOR Overview of Unclaimed Property.

[iii] Wis. Stat. §177.0607 (2026). Funds that are held by the WDOR may accrue interest while they are in the custody of the administrator.  Interest does not accrue for assets (1) under $100, (2) already recovered, (3) received by the WDOR before 1/2/2019 generally, or (4) on property that is paid to another state.

[iv] WDOR Overview of Unclaimed Property.

[v] WDOR Overview of Unclaimed Property.

[vi] WDOR Overview of Unclaimed Property. Claimants do not need to pay anyone to file claims.  However, if the property being claimed is of a complex enough nature, it may be advisable to speak with a legal or financial professional for assistance.

[vii] WDOR Relationship Types and Documents Needed. Individuals claiming property in their own name only need an ID, social security number, and proof of address to claim their funds. Conversely, an heir or personal representative needs that information for themselves, the decedent, and several other affidavits and various documents confirming that they are the rightful owner or recipient of the property.