Yes, it is considered rental income (reported on Schedule E - Supplemental Income and Loss).
To enter income and expenses from a rental property: https://ttlc.intuit.com/replies/3288530
If
you rent your property below fair market value, the IRS considers that
you do not rent your property to make a profit. In this case, you can
deduct your
rental expenses only up to the amount of your rental income. You cannot
deduct a loss or carry forward to the next year any rental expenses that
are more than your rental income for the year.
Mortgage interest and property taxes paid are claimed in Schedule A as for your residence.
For more information - IRS Pub. 527 - Residential Rental Property: https://www.irs.gov/pub/irs-pdf/p527.pdf
