Expense write-off for our property occupied by parents?

[sonnet]

Hello,

My wife and I bought a house for our parents - it's under our name, and we don't collect any rents. Is there a way to write-off the expense (e.g., mortgage interest, property tax, insurance, repairs&maintenance) on that property for us? Should we start a business and put the property under the business? Is there any other ways?

Thanks.

[Anonymous]

since  you don't rent it at fair value to your parents, your deductions are limited

If you itemize deductions, you may be able to deduct mortgage interest and mortgage-insurance premiums as a personal expense. You can take this write-off on a second home in addition to your first home. If you're already deducting the interest on a second home, you can't take your parents' house as a third. You can choose to take the write-off on your parents' home instead of your other second home, however, if that works out better. And, you can itemize property taxes on any number of homes you own.

no other expenses are deductible and you are subject to the same limitations on deducting mortgage interest as if this was your second home. also the total Schedule A deduction for taxes is limited to $10,000  on your joint return.