Rental Property Investor · Elk River, MN · Member since 2016 · 102 posts · 10 votes
Hi BP!
Looking at buying with my IRA, (I am 36). Bottom line is I know I can't really benefit from this in any way shape or form until I am of 59 1/2 (I work in the personal finance arena for my job) .
My question is can my Dad or Brother do the work on my property, they are licensed contractors. I know I can't rent to immediate family but can immediate family do work on my property?
You have issues with both: your wife and father, they are considered “disqualified persons" to your IRA. Conducting business with disqualified persons will result in a prohibited transaction and will disqualify your IRA resulting in severe penalties. Your custodian did very poor job educated you so you need to do it yourself going forward as the responsibility is on you!
Your brother is not so your IRA can enter into a transaction with him (as long as it is "arms length".