It was not rented at a fair price.

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 can be claimed in Schedule A as for your residence.

Please refer to this IRS document, especially the section on Not Rented for Profit on page 16 of this IRS publication on how to report income and expenses.

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