chris702
New Member

Do I claim capital gains if I added my spouse to the title of my rental property as a 1% owner last year? No money was exchanged. How do I claim this?

We refinanced our mortgage last year, and when we changed banks, they needed him on the title since he was also on the mortgage. We went with 1% ownership and the apartment is currently being rented out. I figured out how to add him to the rental income easily enough, I just don't know how to declare the 'capital gains' on adding him to the title, or if I am supposed to? Please help!