Neither you nor a company you own, as specified in the prohibited transaction rules on our site, may provide any services to the assets in your IRA, which includes rehabilitating of “fix up” property, unless you first obtain a Prohibited Transaction Exemption from the US Department of Labor. There are private letter rulings that have been obtained in the past, permitting latitude under certain circumstances. Private letter rulings may be obtained by application to the IRS. There are also specific rules regarding taxation of prohibited transactions, which include a 100 percent tax if a prohibited transaction is not corrected in a taxable period, and a 15 percent tax on the amount of the prohibited transaction. Additional rules that disqualify the entire IRA apply to IRAs established by employers.