Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 10-25-2007, 03:26 PM   #21
Full time employment: Posting here.
VaCollector's Avatar
 
Join Date: May 2007
Posts: 544
Quote:
Originally Posted by happy2bretired View Post
Does anyone have an idea how or how much in taxes will be paid on these unclaimed amounts?
...interest earned should be taxable....balance should be "found $$$" that was already rightfully yours (or you wouldn't be getting it!) and so should not be subject to tax
__________________

__________________
VaCollector is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-26-2007, 11:05 AM   #22
Thinks s/he gets paid by the post
happy2bretired's Avatar
 
Join Date: Mar 2007
Location: Nebraska
Posts: 1,340
Quote:
Originally Posted by VaCollector View Post
...interest earned should be taxable....balance should be "found $$$" that was already rightfully yours (or you wouldn't be getting it!) and so should not be subject to tax
I hope it's spelled out on the end of year tax form that I get from the state. Otherwise, I won't know beans.
__________________

__________________
happy2bretired is offline   Reply With Quote
Old 11-09-2007, 04:28 PM   #23
Full time employment: Posting here.
VaCollector's Avatar
 
Join Date: May 2007
Posts: 544
...and the amount is.....drumroll please.......





$63.79 ....for real!!

I put together all of that paperwork for $63.79.....what a friggin' waste of time and energy.....

Is it possible to feel violated when someone actually sends you money!!
__________________
VaCollector is offline   Reply With Quote
Old 11-09-2007, 05:41 PM   #24
Full time employment: Posting here.
Sandy's Avatar
 
Join Date: Dec 2006
Location: Florida
Posts: 855
Take your spouse out to dinner - just not a very expensive place.
__________________
I would not have anyone adopt my mode of living...but I would have each one be very careful to find out and pursue his own way, and not his father's or his mother's or his neighbor's instead. Thoreau, Walden
Sandy is offline   Reply With Quote
Old 11-11-2007, 11:17 PM   #25
Recycles dryer sheets
template's Avatar
 
Join Date: Aug 2005
Posts: 175
I am a curious man and I looked for unclaimed money for me, family members, friends, and neigbhors.

I found money for all of the above, but nothing for me. I turned over the info to my neighbors. Some elderly neighbors applied for and received a check for $17.

What surprised me is that a family member and a friend never followed up on the claims. One friend in particular had about 10 separate instances of money waiting for him and didn't pursue any of them. He is the nicest guy in the world, but a bit of a procrastinator. He has taken out a loan, but hasn't bothered to claim his money from the state!
__________________
Retired in 2001 at age 49.
template is offline   Reply With Quote
Old 12-05-2007, 01:56 PM   #26
Full time employment: Posting here.
VaCollector's Avatar
 
Join Date: May 2007
Posts: 544
UPDATE!

In addition to the exorbitant amount of lost money that I received earlier ($63.79) the mailman actually brought me an envelope from the payer of the original funds ~ MET.....and so it appears that my efforts WERE worth it.....as I am now the proud owner of 28 shares of MetLife....and so (once again) I wanted to say THANK YOU to the OP as I would not have known about this otherwise!!
__________________
VaCollector is offline   Reply With Quote
Old 12-05-2007, 03:03 PM   #27
Thinks s/he gets paid by the post
jIMOh's Avatar
 
Join Date: Apr 2007
Location: Milford, OH
Posts: 2,085
Quote:
Originally Posted by Sandy View Post
Every state has a list of persons with unclaimed funds in that state. The amounts are generally small but can be substantial. The funds are from a variety of sources, ranging from unclaimed tax refunds to magazine subscription refunds. People who most likely have unclaimed funds are those who have moved, changed their name, or there are accounts for people who have died.

To obtain funds, each state has a simple form to complete. There are no costs or fees. Only legal heirs can receive funds from the deceased. You can find a link to each stateís listing from the National Association of Unclaimed Property Administrators:

http://unclaimed.org/mainframe.asp?VisitorType=owner

A few months ago, I was looking through these lists, and found that my uncle, who died five years ago had unclaimed funds in his state. I notified my cousin, who filed the paperwork. Yesterday, to my great surprise, I received a check from my cousin. He wanted to share the money, which they would not have otherwise known about, and sent me a finderís fee.

Happy treasure hunting. Also, I will not refuse any finderís fees.
$420 for me, thx. If you are ever in Cincinnati, I owe you a beer.
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
jIMOh is offline   Reply With Quote
Old 12-05-2007, 04:33 PM   #28
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
I wonder if any of the States use this method to find people who OWE money, like child support, etc.? Seems it may be a way to find a very good address for someone they were looking for. But I guess someone that is running away from a State would never apply.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Old 12-05-2007, 06:58 PM   #29
Full time employment: Posting here.
Sandy's Avatar
 
Join Date: Dec 2006
Location: Florida
Posts: 855
VAcollector and Jimoh.

Glad this worked so well for you both. My cousin must have gotten a large check. He apparently split it with his brother and I also received a finders fee from the brother, my other cousin.

RWood:
Actually, states have used a similar technique to round up folks with outstanding arrest warrants. Law enforcement would send those with outstanding warrants a letter saying they won a prize and needed to come to a stated address on a set date and time. When everyone showed up, law enforcement arrested them all. I haven't heard of this scheme in a number of years, so I suspect the courts put the kabosh on it.
__________________
I would not have anyone adopt my mode of living...but I would have each one be very careful to find out and pursue his own way, and not his father's or his mother's or his neighbor's instead. Thoreau, Walden
Sandy is offline   Reply With Quote
Old 12-06-2007, 08:59 AM   #30
Recycles dryer sheets
 
Join Date: Nov 2006
Posts: 93
I once helped a woman find 2.5 million left to her by a husband and missed by the estate tax attorney. It was turned over to unclaimed property and she was able to prove it was hers. Long and satisfying story.
__________________
sweetana3 is offline   Reply With Quote
Old 12-06-2007, 02:31 PM   #31
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by sweetana3 View Post
I once helped a woman find 2.5 million left to her by a husband and missed by the estate tax attorney. It was turned over to unclaimed property and she was able to prove it was hers. Long and satisfying story.
Did you get a finder's fee??
__________________

__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
funds within funds and expense ratios? igsoy FIRE and Money 6 08-25-2007 10:56 AM
State's Unclaimed property happy2bretired Other topics 5 07-03-2007 10:19 AM
Index funds beat most active funds JustCurious FIRE and Money 57 10-23-2006 12:14 PM
FI taxable funds versus retirement funds just_hatched FIRE and Money 12 10-10-2005 10:09 AM
Index Funds or Balanced Funds ? renferme FIRE and Money 5 04-20-2004 05:21 PM

 

 
All times are GMT -6. The time now is 03:16 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.