(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.
Yes, the taxable amount (rental income) may be reduced as you may incur expenses during the period that the property was let. Only expenses incurred in the production of that rental income can be claimed. Any capital and/or private expenses wonât be allowed as a deduction. Which expenses are allowed?