Is mortgage included in expenses?

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When you do cash flow analysis do you include mortgage payment in expenses or not?

Please help me to understand it correctly?

@Deepika Tandon Yes you do.. Net Operating Income minus debt service "mortgage" = cash flow.. On your financial statements when you file your taxes.. you can only use interest as an expense..

Gross income minus expenses equals Net Operating Income...

NOI minus mtg P&I equals cash flow

Taxable income equals Cash Flow, plus principle payments, minus depreciation (same as NOI minus interest portion of mtg payment, minus depreciation).