(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.
Federal Income Taxes. You must pay federal tax on your income from commercial property. You can deduct any expenses associated with renting out the property. You only pay tax on the profits, not the gross income. Do not claim security deposits as income, because your intention is to return deposits to renters.ederal Income Taxes. You must pay federal tax on your income from commercial property. You can deduct any expenses associated with renting out the property. You only pay tax on the profits, not the gross income. Do not claim security deposits as income, because your intention is to return deposits to renters.