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daho
I
daho
Tax Commission
page 1 of 2 [EBR00160 8/2008]
InformatIon for BusIness owners
This brochure is intended to help business owners understand how the unclaimed property law may apply to
their business.
What is unclaimed property?
Unclaimed property consists of money and other assets that are considered lost or abandoned when an owner
cant be located after a certain amount of time has passed. It includes, but isnt limited to, checking accounts,
certificates of deposit, customer deposits and overpayments, paid-up life insurance policies, unpaid wages and
commissions, uncashed checks, death benefits, dividends, insurance, money orders, refunds, savings accounts,
stocks, and contents of safe-deposit boxes.
Unclaimed property doesnt include real estate, boats, or cars. However, some items such as jewelry, gems,
coins, and stamps are reported as unclaimed property.
Most property is considered abandoned if theres been no owner-initiated activity for five years. Wages and
utility deposits become unclaimed after only one year.
What does unclaimed property have to do with my business?
If youve ever had customers in Idaho or employees who are Idaho residents, you may be required to report
unclaimed property to the state of Idaho. Idaho law requires you to try to locate owners of any unclaimed
property you hold with a value greater than $50. You must send owners a written notice that says their property
may be turned over to the state due to inactivity.
What must I do with unclaimed property?
If you cant locate an owner within a specified holding period, you must file a report and turn the property
over to the state for safekeeping.
The holding period is usually one year or five years, depending on the type of property being held. The
reporting period is July 1 through June 30. You must report unclaimed property by November 1 of each year.
How do I report unclaimed property?
Complete an unclaimed property report form and return it, along with all property, to the Idaho State Tax
Commissions Unclaimed Property Program. (See contact information in this brochure.)
We usually mail report forms to holders in July. If you dont receive a report form and have property to report,
contact us to get a form.
What records do I have to keep and for how long?
You must keep records of the unclaimed property you reported, including documents showing your efforts to
locate owners, for seven years after reporting the property to the state. page 2 of 2 [EBR00160 8/2008]
What does the state do with the unclaimed property I report?
The Unclaimed Property staff tries to locate the rightful owners or heirs by providing a list of names on our
Web site.
Is my business eligible to claim unclaimed property?
If youve been doing business in Idaho with an individual or company, we may be holding property for you.
If youd like to find out if your business is on the list of unclaimed property owners, visit our Web site, call
us, or stop by any Tax Commission office.
How do I learn more about unclaimed property?
Go to our Web site at tax.idaho.gov and click on the link to Unclaimed Property.
for more information, contact:
Idaho State Tax Commission: In the Boise area, 334-7660; Toll free, (800) 972-7660
Hearing impaired: TDD (800) 377-3529

tax.idaho.gov
This information was prepared by the Idaho State Tax Commission. It does not provide comprehensive
explanations of Idaho tax laws or rules. Specific questions should be addressed to the Tax Commission or
an attorney.