Yes, though they are relatively limited. Self-directed IRA investors may not purchase life insurance, collectibles, certain precious metals, or real estate designated for personal use. Self-directed IRA investors are also not allowed to engage in a prohibited transaction [link to prohibited transactions] involving a disqualified person. This occurs when the owner of a self-directed IRA engages in a transaction that directly benefits the owner of the IRA, the IRA owner’s beneficiaries, or any other disqualified party. Information on self-directed IRAs, prohibited transactions, and permissible transactions can be found at this IRS bulletin.