Home New mexico tax Need extra cash? Search for unclaimed money

Need extra cash? Search for unclaimed money

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A few years ago, I received an urgent email from my sister. The subject line was “Money Found!” “

She went on to explain that on a whim she decided to search the internet for databases containing the names of people who were owed money for one reason or another.

To her surprise, and mine, she discovered that tens of thousands of dollars were owed to our grandmother who died in 1976. As we were the only remaining heirs to her estate, the money was rightfully ours. We have since found additional unclaimed funds on two occasions.

Unclaimed funds are money and other assets whose rightful owner cannot be found. Unclaimed funds are usually returned to the government after the expiration of a statutory “dormancy” period. Most states require money and assets to be turned over to the state after five years have passed. The two-step process, although a bit long, is simple and free. The first step is to locate the unclaimed funds. The second step is to complete the process required to claim the money or assets.

Sources of unclaimed funds are numerous and can include unpaid wages, abandoned or dormant overdue accounts, abandoned safes, unclaimed state or federal tax refunds, life insurance payments, monies owed to bankrupt creditors, FHA mortgage insurance refunds, monies left on gift cards, unclaimed retirement benefits, stock dividends and many other sources.

Unclaimed funds in New Mexico are held by the tax and revenue department. Checking if you are eligible to claim funds is as easy as logging into https://www.tax.newmexico.gov/, then opening the “People” menu and choosing “Unclaimed Properties”. The ministry’s Unclaimed Property Unit held approximately $ 309 million in unclaimed funds as of October 2020, including more than $ 35 million deposited in the previous year. During the same period, the unit paid 3,764 claims totaling $ 10,052,419.31.

The National Association of Unclaimed Property Administrators maintains a state-by-state database accessible at https://www.missingmoney.com/en/. The site allows you to insert your name or the names of relatives who lived in other states. Other official databases include:

A search of the internet will provide links to other government agencies, such as the US Marshals Service – https://www.usmarshals.gov/assets/ – and others. Just make sure you don’t provide personal information to anyone from Nigeria.

Meet at the fence.

Gary Sandler is a full-time real estate agent and president of Gary Sandler Inc., real estate agents in Las Cruces. He loves to answer questions and can be reached at 575-642-2292 or [email protected]

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