(especially in legal usage) a person who purchases or contracts to purchase; buyer. Origin of emptor. 1870-1875. 1870-75; < Latin: buyer, equivalent to em(ere) to buy + -tor -tor, with intrusive -p-. Examples from the Web for emptor.
Taxes. Because rent is considered income, it is taxable to the extent that your income is taxable. For example, if your income (including rent) minus any allowable exemptions and deductions is still taxable, then your rent is taxable. However, if you also use the rental property as your home, and you rent it out less than 15 days out of the year, then the rent you collect is not considered part of your income.
If you pay property taxes as part of your lease agreement, these taxes are deductible on your federal tax. You can also deduct the cost of damage of your property because of fire, theft or other accidents.Some states also offer renters credits or deductions.ost renters are disappointed that they can't deduct their rent payments from federal income tax. However, if your lease requires you to make property tax payments, you can deduct that portion of your rent or any property tax you pay directly.