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Generally, the Illinois Revised Uniform Unclaimed Property Act (IRUUPA) changes the dormancy periods from five years to three years for most property types.
First, go to your state's unclaimed property website to check if you're owed funds. If you've moved around a lot, you can try sites like missingmoney.com or unclaimed.org, which may be able to search multiple state databases at once. The search uses your name and your city to check for any funds.
Unclaimed property is not taxed while it is filed as unclaimed; however, when it is reclaimed, the property may be officially recognized as taxable income.
Typically, all claims are reviewed in the date order received by our office. Processing time prior to receiving either your first communication or payment may be up to 12 weeks, dependent on the number of claims submitted to our office during the time frame your claim was received.
The State Treasurer is holding 2.5 billion dollars in unclaimed funds for Illinoisans. The State holds these lost funds until they are claimed by either the original owner or their heirs. Property is returned at no cost with the proper identification.
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States have established processes whereby legal owners of assets can reclaim unclaimed funds. When claiming unclaimed funds that have risen in value, taxes may be assessed at the time. If you claim property, it will be treated as ordinary income and taxed accordingly unless the property is related to a tax refund.
States have established processes whereby legal owners of assets can reclaim unclaimed funds. When claiming unclaimed funds that have risen in value, taxes may be assessed at the time. If you claim property, it will be treated as ordinary income and taxed accordingly unless the property is related to a tax refund.
To check for unclaimed property, visit www.illinoistreasurer.gov/ICASH.
Typically, all claims are reviewed in the date order received by our office. Processing time prior to receiving either your first communication or payment may be up to 12 weeks, dependent on the number of claims submitted to our office during the time frame your claim was received.
In Illinois, property is assumed abandoned when it remains unclaimed for at least five (5) years and attempts to contact the owner of the property have been unsuccessful.

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