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.
The tax for that year can be audited -- and assessed -- at any time. Most records, however, must be kept by the taxpayer for only three years after the tax return is filed. That is the general law on record keeping. There are documents, especially involving real estate, which you should keep forever. Special Rules For Real Estate. When you buy real estate, whether your principal residence or an investment property, clearly you have to keep your records for at least four years from the date you sell that property.