Is the money my parents pay for the mortgage of a house I own considered rental income?

[fg6578]

My parents live in a home that I bought (financed). They pay the mortgage, insurance, taxes, and most expenses directly to the bank/escrow. I help out with some utilities. I don’t get any money from them — and certainly no “income.” Am I correct in not reporting what their paying on this house as rental income?

[LeonardS · Accepted solution]

Yes,  you do not have to report the house as a rental.  The amount your parents pay for the mortgage, taxes & expenses can be considered a "gift" to you.  The IRS allows an individual to gift a person $15,000 without any tax reporting required.  You can not claim the mortgage interest or property tax as a deduction on your tax return because you have not paid them