We moved out of a rental late in 2016 which was owned by my wife's grandmother. We were looking to help her get new tenants and she offered to sign the property over to us as quitclaim so we could manage and benefit from the property.
We submitted the quitclaim and started actively renting the house through a management company in July 2017. However, we found later that the quitclaim was rejected since her grandmother's signature didn't exactly match her name on the old deed (middle initial vs full middle name if I remember right).
We now have a 1099-MISC for the income that we need to file and not sure if we should claim it as Schedule E as owners (since it's not in our name) and not claim depreciation or if we should claim it as miscellaneous income... also not sure how this affects her grandmother's return (does she need to file Schedule E or claim depreciation).
We contacted live help twice but they were less than helpful so far. I've seen a couple posts and answers on here with similar situations and reasonable answers but wanted to express our specific situation and see if we can get a more informed perspective specific to our issue.
