Tax Question: What is the $500 per month payment to my parents?

[Fred Rivers]

I was gifted a house from my parents worth $50,000. I agreed to pay them $500 per month up to $7,660 to cover the money that they had tied up in the property for previous improvements. I rented the property for $600 per month. As agreed, I paid them $500 per month for a total of $6,000 for the year. Is my payment of $500 per month to my parents from rental income of $600 per month a loan, partnership distribution, some other expense, or not an expense at all?

[Scott Vance]

@Fred Rivers definitely involve a tax pro as @Brandon Hall suggested.  As Brandon says it seems to me not to be a gift if you are paying for it.