We purchased our parents property this year to avoid them losing the asset because of financial hardship. They do not pay rent. Should we report this a rental property?

No, since they do not pay rent.

So, since we do not live in the property, how do we deduct all of the mortgage interest and taxes?

So, since we do not live in the property, how do we deduct all of the mortgage interest and taxes?

You have a 2nd home. The mortgage interest and Real estate taxes are deductible, on schedule A, on up to two homes.

That will come up in the TurboTax interview