(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.
Tax on property and rental income Allowable expenses and allowances. Claim some expenses and reduce your property tax bill. Landlords can deduct allowable expenses to work out their taxable rental profit.You can also deduct any allowances you are entitled to.he most common types of expenses you can deduct are: 1  water rates, council tax, gas and electricity. 2  maintenance and repairs to the property (but not improvements). 3  contents insurance. 4  interest on a mortgage to buy the property.