If the 1/3 owner is on the title to the property, their payments to you would not be "rent." Instead, these payments offset the expenses that you pay.
This activity would not be considered a rental. You may report the mortgage interest and property taxes under Your Home in TurboTax. But the other expenses are not deductible.
However, if the other party is NOT on the title to the property, this activity would be considered renting part of your home. But since the rental payments are below fair market for your area, you would still be limited to reporting only mortgage interest and property taxes (100%). And the rental payments would be reported as Other Miscellaneous Income.
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