If you have a rental property that you rented for less than the fair market price, this would not be reported on Schedule E. Instead, the income is reported on Line 21 of Form 1040 and the expenses are reported on Schedule A.

Per IRS Publication 527 Residential Rental Property, page 16:

Not Rented for Profit
If you don't rent your property to make a profit, you can deduct your rental expenses only up to the amount of your rental income. You can't deduct a loss or carry forward to the next year any rental expenses that are more than your rental income for the year.

Where to report. Report your not-for-profit rental income on Form 1040 or 1040NR, Line 21. If you are filing Form 1040 and you itemize your deductions, you can include your mortgage interest (if you use the property as your main home or second home), real estate taxes, and casualty losses on the appropriate lines of Schedule A (Form 1040). Claim your other rental expenses, subject to the rules explained in Chapter 1 of Pub. 535, as miscellaneous itemized deductions on Schedule A (Form 1040), Line 23, or Schedule A (Form 1040NR), Line 9. You can deduct these expenses only if they, together with certain other miscellaneous itemized deductions, total more than 2% of your adjusted gross income.

Presumption of Profit. If your rental income is more than your rental expenses for at least 3 years out of a period of 5 consecutive years, you are presumed to be renting your property to make a profit.
 
Please find instructions below on how to properly enter this in TaxAct. 

To enter your not for profit residential rental income:

1. From within your TaxAct return (Online or Desktop), click on the Federal tab. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
2. Click Other Income in the middle of the screen to expand that category and click Prizes, awards or other miscellaneous income
3. Enter a description of "Not for profit residential rental" and enter your rental income under the applicable taxpayer's column

To enter your not for profit residential rental expenses:

1. Click on the Federal tab. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
2. Click Itemized or Standard Deductions to expand that category and click Other expenses related to taxable income - Subject to 2% of AGI Limit
3. Click Continue twice
4. Enter a description in the box titled Other (i.e. Nonprofit expenses) and your expenses in the box to the right

NOTE: Do not enter rental expenses that exceed the rental income.