Rental Property. How do I file?

[chayloco]

Rental income from the rental of realestate vs nonbusiness income from rental of property

Which am I?

I pay mortgage on my old home which I am now renting out to help pay for this mortgage.  Which do I file under?  Do I need to create Schedule E?

[ThomasM125]

Yes, the rental of your second house would be reported on schedule E.It is considered rental income from the rental of real estate.

[chayloco]

Hello,

  I took a hardship withdrawal from my 401K of 80K to make a down payment on a new home (Not first home) when I moved to Washington state.  I was taxed 20% of this ($16K).  Do I still owe the IRS taxes for this?  Does this type of hardship withdrawal exempt me from additional taxes? (I am 45 years old).  I was under the impression that putting the money towards a down payment on my home was an exception to additional taxation.  I am not sure if I owe the IRS moneys?  Does anyone have any experience with this?

[CatinaT1]

There is no hardship withdraw from a 401K.  You will pay income tax at the rate in which you fall this year and a 10% penalty for early withdraw.

There are exceptions to the early withdraw penalty but there is not a hardship exemption.

See this link for more information:

Early distributions from retirement plans