Rental property income is very different from cash-flow. An income report takes into consideration what payments were made for as well as depreciation expenses. Cashflow reports do not. Income reports also much more closely match taxable income as paid each year.
An income report for a rental property takes the revenue generated (rent) and deducts expenses as well as depreciation. It should be noted that expenses are not necessarily the same as checks written. Personal property is depreciated as are improvements to a rental property. The portion of mortgage payments that pay down loan principal aren't counted at all. It's these differences that make an income statement unique from a cashflow report. EasyRentalTools online property management software creates BOTH of these reports in the background as you enter your payments and receipts. As we like to say at EasyRentalTools - you push the button, we do the work!
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