If you’re like me, you’ve taken advantage of many half off deals through Living Social, Groupon, and many other sources. These deals are a great opportunity for consumers to save money. For the businesses that offer these deals, they are a great way to bring in new customers.
After the expiration date, the deals still retain the value paid to purchase. For example, I paid $25 for $50 to spend at my favorite restaurant. If I hadn’t used that deal before the expiration date, it would still be honored at the restaurant for the $25 I paid.
If I never spend that $25 and it goes unclaimed, it becomes an unclaimed property reporting liability for the restaurant from which I purchased the deal.