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.
Buying, selling and owning real estate leads to paperwork. Deeds, contracts to sell, property tax forms, income-tax forms for rental property -- it adds up to a tidy pile. The IRS says you can shred most tax-related records after three years. With real estate, you usually hang on to the paperwork much longer.