Rental income & expense worksheet
See the past 12 months of income, operating costs and cash remaining. Keep loan payments and capital work separate from NOI.
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Example rental property
Sep 2025 to Aug 2026
| Month | Income | Operating costs | NOI | Debt & capital | Cash remaining |
|---|---|---|---|---|---|
| Sep 2025 | $2,000.00 | $1,435.00 | $565.00 | $800.00 | -$235.00 |
| Oct 2025 | $2,000.00 | $235.00 | $1,765.00 | $800.00 | $965.00 |
| Nov 2025 | $2,000.00 | $1,135.00 | $865.00 | $800.00 | $65.00 |
| Dec 2025 | $2,000.00 | $685.00 | $1,315.00 | $800.00 | $515.00 |
| Jan 2026 | $2,000.00 | $235.00 | $1,765.00 | $800.00 | $965.00 |
| Feb 2026 | $1,000.00 | $135.00 | $865.00 | $800.00 | $65.00 |
| Mar 2026 | $2,000.00 | $235.00 | $1,765.00 | $800.00 | $965.00 |
| Apr 2026 | $2,000.00 | $235.00 | $1,765.00 | $3,200.00 | -$1,435.00 |
| May 2026 | $2,050.00 | $1,135.00 | $915.00 | $800.00 | $115.00 |
| Jun 2026 | $2,000.00 | $510.00 | $1,490.00 | $800.00 | $690.00 |
| Jul 2026 | $2,000.00 | $235.00 | $1,765.00 | $800.00 | $965.00 |
| Aug 2026 | $2,000.00 | $235.00 | $1,765.00 | $800.00 | $965.00 |
| 12 months | $23,050.00 | $6,445.00 | $16,605.00 | $12,000.00 | $4,605.00 |
Full 12-month ledger
| Category | Sep 2025 | Oct 2025 | Nov 2025 | Dec 2025 | Jan 2026 | Feb 2026 | Mar 2026 | Apr 2026 | May 2026 | Jun 2026 | Jul 2026 | Aug 2026 | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rent collected | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $1,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $23,000.00 |
| Other income | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $50.00 | $0.00 | $0.00 | $0.00 | $50.00 |
| Property taxes | $0.00 | $0.00 | $900.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $900.00 | $0.00 | $0.00 | $0.00 | $1,800.00 |
| Insurance | $1,200.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1,200.00 |
| Management fees | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | $100.00 | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | $2,300.00 |
| Repairs & maintenance | $0.00 | $0.00 | $0.00 | $450.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $275.00 | $0.00 | $0.00 | $725.00 |
| Owner-paid utilities | $35.00 | $35.00 | $35.00 | $35.00 | $35.00 | $35.00 | $35.00 | $35.00 | $35.00 | $35.00 | $35.00 | $35.00 | $420.00 |
| HOA dues | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Other operating costs | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Mortgage interest | $700.00 | $698.00 | $696.00 | $694.00 | $692.00 | $690.00 | $688.00 | $686.00 | $684.00 | $682.00 | $680.00 | $678.00 | $8,268.00 |
| Principal payments | $100.00 | $102.00 | $104.00 | $106.00 | $108.00 | $110.00 | $112.00 | $114.00 | $116.00 | $118.00 | $120.00 | $122.00 | $1,332.00 |
| Capital improvements | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2,400.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2,400.00 |
Working with this worksheet
What is a T12 for a rental property?
A trailing 12-month statement totals the most recent 12 months of actual income and expenses. Choose the first month of your period, then enter each month. This worksheet also works for a calendar year. An annual total is only complete when every month is entered.
What is included in NOI?
Net operating income is collected rental income and other property income, less property operating expenses. Loan interest, principal payments and capital improvements are below NOI. Depreciation and income tax are excluded from this cash worksheet. NOI is not taxable profit.
How should I record mortgage payments and vacancy?
Split the mortgage payment into interest and principal. Put escrowed property taxes and insurance in their own operating categories when paid and do not count them again in loan payments. Record rent actually collected, so a vacancy loss is not deducted a second time.
Can I use this as a tax return?
Use it to organize cash records, not to determine tax deductions. Capital improvements, deposits, prepaid amounts and other items may receive different tax treatment. Reconcile the entries with your statements and keep the supporting records.
How do the exports work?
CSV contains your current 12-month ledger and totals. Print / save PDF includes the monthly summary and full ledger. The separate Excel download is a reusable template with formulas, ready for your own records.
Planning and recordkeeping tools. Verify inputs and outputs before acting. Terms & privacy.
The Rental Wire · therentalwire.com/rental_income_expense_worksheet.html
Based on the entries supplied. Verify against your records. This worksheet does not determine tax treatment or replace professional advice.