As a landlord, keeping track of your monthly rent and expense is an integral part of effectively managing your home and getting the most from your investment. To make your life easier, we have developed an easy-to-use Excel worksheets to meet your particular needs as a landlord.
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One of the simplest ways to track rental income is to record your monthly tenant checks. This will allow you to see where your tenants are going each month and how many months they have lived in the property before making any deductions from their rent. However, this may not be sufficient when it comes to other expenses such as utilities and repairs that are sometimes included in your payment.
Next, consider the amount of money that is being expended in the form of repairs each month. Some expenses will simply add up to one large expense and cannot be easily broken down into separate costs. Other expenses may not be deductible but can be very costly. If you know exactly how much your monthly expenses are and how much of that is being charged against your rent, you will be better prepared to negotiate for lower payments.
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The third part of the worksheet can help you with the expense of utilities in your rentals. Many people think that these expenses are part of the rental income that is being reported in the income statement, but they may be factoring them into the expense column of the expense statement.
If there is a small amount of expense that you are not able to deduct, you may want to be careful about whether or not it is being reported on your income statement. It is always best to err on the side of caution and make sure that the expense is properly reported. Any additional expense that is due to something other than the rent itself is usually also deducted.
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In addition to the expense worksheets in the rental income and expense worksheet, there are also sections in which you can enter your own expenses. These are important because you will be able to include all of those little things that aren’t always reported on the income statement.
You may also want to take a look at our Real Estate Management Books that give you the same information. As with all worksheets in this guide, the information here is meant to be used as a starting point for a discussion on ways to increase your income through smart real estate management and property management.
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Don’t take too much time with these expense worksheets. By the time you complete the first set, you should have a fairly good idea of how to go about managing your finances.
However, don’t get discouraged if you find that there are a few items that you don’t know how to handle. There are several books that will cover these types of issues in more detail and provide you with useful information.
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This worksheet is one of the easiest ways to determine what expenses are necessary to maintain a successful real estate investment portfolio. The expense worksheet can give you an overall idea of how much money is required to sustain your investments and how much is needed to keep you financially afloat.
Once you have completed the expense worksheet, it’s time to begin filling out the tax forms to report the results. This part of the worksheet will only take a few minutes to fill out. Be sure to include all of the expenses that apply to you.
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You can also check whether or not you have any tax liens or any outstanding loans that you will have to pay off before you file your return. These details can be included on the forms that you need to file for tax year 2020.
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