(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.
Most 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.ew Jersey allows renters to claim a credit based on the portion of their rent used to pay property taxes, within certain limitations. Renters in Maryland may receive up to $750 in tax credits depending on income and tax filing status.