(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 act as a landlord, the IRS considers any revenue your activities generate as taxable income, and renting out a portion of your primary residence is treated the same way. Youâll need to treat the portion of your home thatâs used by renters as an individual rental property, separate from your residence. While youâll need to perform some extra paperwork in this situation, it allows you to deduct expenses from your rental activity, which reduces the taxable income the rented room generates.