One popular investment that people make with their IRAs is real estate. With the recent cold snap throughout large parts of the United States, many homes may need maintenance whether from a burst pipe or HVAC repairs. IRA investors in real estate should be wary of making any prohibited transactions. While you may want to rush over personally or hire a contractor or do it yourself to make repairs, a friendly reminder that all expenses with IRA properties need to be paid out by the IRA.
For more details on prohibited transactions with your IRA please see IRS Publication 590 and consult a CPA or other tax advisor.