(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.
for rental property that he sold at a short sale. Then in my opinion I'd offset the amount of loan that was forgiven in the short sale and if that loss is deemed not taxable because they qualify as such, the payment isn't taxable. If the forgiven loan is taxed - the 1099 is by default taxed.