A rental house being rented to family members at less than fair rental value does not qualify as a rental house. Please read this article Personal Use of Business Property to determine if this is a rental house or a second home for you.
- A rental house can be great since you get to deduct the mortgage interest, property tax along with repairs and maintenance.
- If it isn't really a rental, then you can just add the mortgage interest and property tax in like your main home for itemized deductions, as this would be a second home. Literally, just add the two property taxes together. Enter the mortgage interest but you will select time lived there because your parents are living there for you- they are your personal use that makes it a second home instead of a rental.
Once you know for certain, please reply again if you need help.
Reference:
Real estate (taxes, mortgage interest, points) on second home
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