How to Report Abandoned Property as a Business Owner

Abandoned property can range from payroll checks to individual retirement accounts and from inventory to real estate. The type of property the person abandoned determines how long an item must wait before a business owner can claim it as abandoned property.

Instructions

1. Make every effort to contact the original owner. Before reporting abandoned property, the business owner must prove that he attempted to contact the original owner through all known means of contact. Keep documentation of the method you used, whether it was email, telephone or certified mail, and the dates and times of the attempted communication.

2. Check your states laws and regulations, which vary by state, regarding abandoned property. Some states refer to abandoned property as unclaimed property. You may need to follow certain procedures before you can report the abandoned property.

3. Hold the property for the required amount of time. The holding time varies from 10 days to three years depending on the type of property. In some cases, like an abandoned car, you may have to report the car to authorities within 10 days so they can check the car for the owner's information.

4. File a report or a notice of abandoned property with the appropriate state representative. Some states have a yearly deadline by which you must report all abandoned property. You may submit a written request for an extension of the deadline if extenuating circumstances occur.

5. Turn in abandoned property when required. Some states require an administrator hold the property for one year. During this time, the administrator runs a classified notice in the newspaper as a final attempt to contact the owner.