(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 Deductions on Rental Properties. You claim rental income and expenses on Form T776. Include rent collected from tenants as rental income in the current tax year. Claim tax deductions for any expenses related to your rental property.Common rental property expenses include home insurance, heat, hydro, water and mortgage insurance. Claim the full amount of expenses if it is for a rental property, but only a percentage if it is for part of your principal residence.tilities are a major expense for landlords. You can claim a tax deduction for the portion of utilities related to your rental property or suite. Claim the full amount if you rent out the full property, or claim a portion if you rent out a suite in your principal residence.