Colors of the Rainbow and Their Meanings. The rainbow is a beautiful natural phenomenon; knowing the significance of each of the colors of the rainbow makes it even more beautiful. While Nature or God has created this glorious natural phenomenon; philosophers have given a meaning to its colors.
Minimum Length of Time. Keep the records and papers for any settled estate for at least seven years, if an estate tax return was filed. That is the Internal Revenue Service recommendation for any financial transactions. Under IRS rules, that is the end of the statute of limitations for any kind of auditing.
Financial experts suggest that records be held for an additional two to three years in case there are questions about the deceasedâs final return. Keep proof of income and expenses for the same time you keep the tax return. For income, this includes W-2s, 1099s, bank or brokerage statements and K-1s.