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.
If you fail to file a return, or the government suspects you of fraud, there's no statute of limitation. In other words, the IRS can come after you forever. While it is generally safe to shred old leases after six or seven years, prudent landlords may wish to keep their old tenant documents indefinitely. What Records to Keep As well as old leases, you should keep anything that documents the landlord-tenant relationship or supports the items you report on your tax return.