We sold our rental condo last year in ON which was owned by myself - 50%, my wife - 49% and my son - 1%. (Son's name was added to the the Title for the 5% down mortgage requirement as he lived in the condo and paid rent) We owned the condo for 7 years with income rec'd and expenses paid always split using the same percentages within our turbotax returns. However, my son increased his percentage in the condo last year.
My question is: Can the percentages be changed within turbo tax, decreasing mine and my wife's percentages (approximately 33% each) which will minimize the capital gains needed to be paid?
