{"id":1472,"date":"2015-10-29T21:22:52","date_gmt":"2015-10-30T02:22:52","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=1472"},"modified":"2017-10-19T15:56:40","modified_gmt":"2017-10-19T20:56:40","slug":"prohibited-transactions-of-self-directed-iras","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/prohibited-transactions-of-self-directed-iras\/","title":{"rendered":"Prohibited Transactions of Self-Directed IRAs"},"content":{"rendered":"<p><span style=\"font-weight:400;\">Self-directed IRAs have reached popularity in recent years, allowing for flexibility and choice of investments. Accountants need to advise their clients on how a misstep of the rules can cause an IRA nightmare. The IRS has strict rules on prohibited transactions (IRC 4795). Keep in mind that IRAs are a completely separate entity, and not following these prohibited transactions rules can result in losing the IRA status.<\/span><\/p>\n<p><b>Prohibited Transactions<\/b><\/p>\n<ul>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Sale, exchange or leasing of any property between a plan and a disqualified person<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Lending of money or other extension of credit between a plan and a disqualified person<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Furnishing of goods, services or facilities between a plan and a disqualified person<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Transfer to, use by or for the benefit of a disqualified person of the income or assets of a plan<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Act by a disqualified person, who is a fiduciary that deals with the income or assets of a plan in his\/her own interests, or for his\/her own account<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Receipt of any consideration for his\/her own personal account by any disqualified person who is a fiduciary from any party dealing with the plan in connection, with a transaction involving the income or assets of the plan<\/span><\/li>\n<\/ul>\n<p><b>Disqualified Persons<\/b><\/p>\n<p><span style=\"font-weight:400;\">A disqualified person is defined as the account holder and spouse, lineal descendants (children, grandchildren, parents, grandparents, etc.), fiduciaries, trustees, investment managers and advisers, as well as any corporate entity in which the account holder has at least a 50 percent ownership.<\/span><\/p>\n<p><span style=\"font-weight:400;\">An example of a prohibited transaction is when the IRA purchases a rental home and your spouse is the real estate agent who receives a commission for the sale. Another example of a prohibited transaction is having your grandson mow the lawn of the rental home for compensation.<\/span><\/p>\n<p><b>Prohibited Investments<\/b><\/p>\n<p><span style=\"font-weight:400;\">The following are investments or assets that the IRA is not allowed to own. For a complete list, see <\/span><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/p590a.pdf\" data-wa-link=\"body_irs-p590a\" target=\"_blank\"><span style=\"font-weight:400;\">IRS Publication 590<\/span><\/a><span style=\"font-weight:400;\">.<\/span><\/p>\n<ul>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Work of art<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Stamps<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Coins (exception U.S. Minted Gold or Silver Eagle)<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Alcoholic beverages (wine, scotch)<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Antiques<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Rugs<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Insurance contracts<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">S-corporation stock<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Self-directed IRAs have reached popularity in recent years, allowing for flexibility and choice of investments. Accountants need to advise their clients on how a misstep of the rules can cause an IRA nightmare. The IRS has strict rules on prohibited transactions (IRC 4795). Keep in mind that IRAs are a completely separate entity, and not<\/p>\n","protected":false},"author":107163954,"featured_media":9216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_reviewed_by_select":[],"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","customModifiedDate":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[509474089],"tags":[],"intuit_collection":[],"intuit_series":[],"coauthors":[509474144],"class_list":["post-1472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-law-and-news"],"header_image":"","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Prohibited Transactions of Self-Directed IRAs - Tax Pro Center | Intuit<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/prohibited-transactions-of-self-directed-iras\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prohibited Transactions of Self-Directed IRAs - Tax Pro Center | Intuit\" \/>\n<meta property=\"og:description\" content=\"Self-directed IRAs have reached popularity in recent years, allowing for flexibility and choice of investments. 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