Rental property profit and loss statement template
By Claire Navarro - updated
A rental property profit and loss statement, or P&L, shows what a property earned and what it cost over a period, and what was left at the end. This template sets out income, operating expenses, net operating income, mortgage interest, depreciation and net income, with a column for each quarter and one for the full year. Download the CSV for Excel, Google Sheets or Numbers, or print the blank statement with its line items already listed.
Download the free rental property profit and loss statement template
Enter your email to get the CSV and the printable copy. The CSV opens in Excel, Google Sheets or Numbers.
The printable copy is blank, ready to fill in by hand or save as a PDF from your browser's print dialog. It is one landscape letter page with blank lines at the top for property, year, owner or company and prepared by, and 18 rows, 18 of them already listing the line items and their Schedule E lines, with columns for line item, schedule e line, jan-mar, apr-jun, jul-sep, oct-dec and full year.
A filled-in profit and loss statement
The Birch Lane duplex's 2025 P&L. Total income was $41,355 and operating expenses were $13,030, so net operating income was $41,355 - $13,030 = $28,325, the same as in the chart of accounts guide. Each quarter's operating expenses are the expense spreadsheet's rows for those months: $5,515 from January to March, when the insurance and the first property tax installment fell due, down to $1,045 from October to December. Mortgage interest of $17,320 and depreciation of $9,091 then bring net income to $28,325 - $17,320 - $9,091 = $1,914 for the year. The first quarter shows a loss of $1,828 on paper, because two large annual bills landed in it.
| Line item | Jan-Mar | Apr-Jun | Jul-Sep | Oct-Dec | Full year |
|---|---|---|---|---|---|
| Rent income | $10,200.00 | $10,200.00 | $10,200.00 | $10,200.00 | $40,800.00 |
| Late fees | $0.00 | $0.00 | $75.00 | $0.00 | $75.00 |
| Other income | $120.00 | $120.00 | $120.00 | $120.00 | $480.00 |
| Total income | $10,320.00 | $10,320.00 | $10,395.00 | $10,320.00 | $41,355.00 |
| Advertising | $0.00 | $0.00 | $120.00 | $0.00 | $120.00 |
| Cleaning and maintenance | $0.00 | $300.00 | $750.00 | $300.00 | $1,350.00 |
| Insurance | $1,740.00 | $0.00 | $0.00 | $0.00 | $1,740.00 |
| Legal and other professional fees | $650.00 | $0.00 | $0.00 | $0.00 | $650.00 |
| Repairs | $395.00 | $1,150.00 | $1,005.00 | $310.00 | $2,860.00 |
| Supplies | $0.00 | $145.00 | $0.00 | $165.00 | $310.00 |
| Property taxes | $2,460.00 | $0.00 | $2,460.00 | $0.00 | $4,920.00 |
| Utilities | $270.00 | $270.00 | $270.00 | $270.00 | $1,080.00 |
| Total operating expenses | $5,515.00 | $1,865.00 | $4,605.00 | $1,045.00 | $13,030.00 |
| Net operating income | $4,805.00 | $8,455.00 | $5,790.00 | $9,275.00 | $28,325.00 |
| Mortgage interest | $4,360.00 | $4,340.00 | $4,320.00 | $4,300.00 | $17,320.00 |
| Depreciation | $2,273.00 | $2,273.00 | $2,273.00 | $2,272.00 | $9,091.00 |
| Total expenses | $12,148.00 | $8,478.00 | $11,198.00 | $7,617.00 | $39,441.00 |
| Net income | -$1,828.00 | $1,842.00 | -$803.00 | $2,703.00 | $1,914.00 |
When to use a profit and loss statement
Fill one in at the end of each quarter and again at year end. A quarterly P&L shows whether a property is on track while there is still time to act, such as raising a rent at renewal or shopping for insurance, and the year-end column gives your tax professional totals that already follow Schedule E.
Lenders, partners and buyers ask for one too. A lender looking at a refinance wants to see net operating income and how much of it the mortgage uses. A buyer usually asks for a T12 as well, which is the same kind of statement for the latest 12 months, month by month.
What a rental property P&L should include
- The property and the period it covers, such as one quarter or the calendar year.
- Income by type: rent, late fees and other income such as laundry or parking.
- Total income.
- Operating expenses by category, using the same names as your chart of accounts and expense log.
- Total operating expenses.
- Net operating income: total income minus operating expenses.
- Mortgage interest and depreciation, below the NOI line.
- Net income: total income minus every expense.
- The Schedule E line for each income and expense line, so the year's totals copy straight across.
How to use this rental property profit and loss template
The CSV holds the 2025 profit and loss statement for the invented Birch Lane duplex, the same property and totals as our chart of accounts guide, with blank rows for your own lines. The printable statement fits on a landscape letter-size page, with fields at the top for the property and year and its 18 line items already listed.
- Download the CSV or the printable statement below, and start a new copy for each property and year.
- Total each income type for the quarter from your rent ledger and bank deposits, and enter them in the quarter's column.
- Total each expense category for the quarter from your expense log, and enter them below the income.
- Work out total income, total operating expenses and net operating income.
- Add the quarter's mortgage interest from the lender's statements and a quarter of the year's depreciation, then work out total expenses and net income.
- At year end, add the four quarters across into the Full year column and check each total against your bank statements and the Schedule E lines.
Common profit and loss statement mistakes
- Listing the whole mortgage payment as an expense. Only the interest goes on the P&L; the principal pays down the loan.
- Counting security deposits as income. A deposit you hold is owed back to the tenant until move-out.
- Putting a capital improvement, such as a new roof, in repairs. It is usually depreciated over years, so ask your tax professional where it goes.
- Mixing properties. Keep one statement per property, so each building's NOI is its own.
- Reading one quarter on its own. Taxes and insurance often fall in one or two quarters, so compare the full year as well.
Frequently asked questions
What is a profit and loss statement for a rental property?
It is a summary of a property's income and expenses over a period, such as a quarter or a year, ending in net income. Most rental P&Ls also show net operating income, which leaves out mortgage interest and depreciation.
What is the difference between a P&L and a T12?
A T12 is a kind of P&L that covers the latest 12 months, usually month by month and ending at NOI. A calendar-year P&L covers January to December and often includes mortgage interest and depreciation below the NOI line.
Does a rental P&L include mortgage payments?
It includes the interest part of each payment as an expense. The principal part reduces the loan balance, so it stays off the P&L and shows up in cash flow.
How is a P&L different from Schedule E?
Schedule E is the IRS form where you report rental income and expenses each year. A P&L is your own statement. When your P&L lines follow the Schedule E lines, as this template does, the year's totals copy straight onto the form.
Income and expenses kept by property
KeyRing brings in your transactions through a Plaid bank feed, lets you match each one to an invoice or expense, and keeps income and expense records by property with categories you can edit. The Financials page shows income and expenses by property, and you can export your transactions to Excel when you fill in a statement. Your first subscription starts with a 14-day free trial.