Rental property spreadsheet: income, expenses and Schedule E in one place
By the BizDocs Studio team · Updated
- •Track three things: rent (who paid, how much, when), expenses by category and property, and deposits held.
- •Use expense categories that map to IRS Schedule E lines so tax totals are automatic.
- •Net operating income (NOI) = rent collected − operating expenses; mortgage principal is not an expense.
- •Under about ten units a spreadsheet is often simpler than rental software: no bank link, no subscription.
Most small landlords keep rental records in a shoebox until March. A rental property spreadsheet takes ten minutes a month and turns tax season into copying totals onto Schedule E.
Tabs to set up
- Properties: address, purchase price, mortgage payment
- Tenants: lease dates, rent, deposit held
- Rent roll: each month's rent due, paid and balance per tenant
- Expenses: date, property, category, vendor, amount
- Mileage for property trips
- Dashboard: per-property income, expenses, NOI, collection rate
Expense categories that match Schedule E
| Category | Schedule E line |
|---|---|
| Advertising | 5 |
| Auto and travel | 6 |
| Cleaning and maintenance | 7 |
| Commissions | 8 |
| Insurance | 9 |
| Legal and professional fees | 10 |
| Management fees | 11 |
| Mortgage interest | 12 |
| Repairs | 14 |
| Supplies | 15 |
| Taxes | 16 |
| Utilities | 17 |
| Depreciation | 18 |
Line numbers follow the current Form 1040 Schedule E; confirm against the form for your tax year.
Metrics worth watching
- Collection rate: rent collected ÷ rent due
- NOI per property: collected rent − operating expenses
- Cash-on-cash return: (NOI − debt service) ÷ cash invested
- Days to lease end, so renewals do not surprise you
Every door, every dollar, one file. Tax time on one page.
Spreadsheet or software?
Rental software is worth it when you want bank feeds and tenant portals. If you have a handful of units and prefer to see the numbers, a spreadsheet is faster. Our tracker has all the tabs above, maps every expense to its Schedule E line and works in Excel and Google Sheets.
Repairs vs improvements
Repairs (fixing a leak, patching drywall) are generally deducted in the year paid. Improvements that add value or extend life (a new roof, a kitchen remodel) are usually capitalized and depreciated. Tag each expense in your spreadsheet as repair or improvement so your tax preparer can treat it correctly.
Monthly 10-minute routine
- Mark rent received for each tenant
- Enter the month's expenses with property and category
- Check the rent roll for anyone behind
- Note upcoming lease ends and deposit balances
- Glance at NOI per property versus last month
Worked example: NOI and cash-on-cash
| Item | Amount (annual) |
|---|---|
| Rent collected | $21,600 |
| Operating expenses (tax, insurance, repairs, management) | $7,900 |
| Net operating income | $13,700 |
| Mortgage payments (principal + interest) | $9,840 |
| Cash flow | $3,860 |
| Cash invested (down payment + closing) | $52,000 |
| Cash-on-cash return | 7.4% |
Frequently asked questions
What is the best way to track rental property expenses?
Log each expense with date, property, category and amount the day you pay it, using categories that match Schedule E. A monthly ten-minute update beats a yearly scramble.
Is mortgage principal a deductible expense?
No. Mortgage interest is deductible on Schedule E; principal is not. Depreciation is deducted separately.
Can one spreadsheet handle several properties?
Yes. Tag each entry with its property and the dashboard totals per property and overall.
Every door, every dollar, one file. Tax time on one page.