I need help in finding the best choice for my situation. I am undergoing a divorce that is likely to be later finalized this year. We lived in this house for more than 8 years and it has appreciated more than 500K. Last December my Ex and I decided to lease the property and we move to different appartments. Middle of this year we found a tenant and leased the property. My question is What we need to do to take advantage of 500K gain on appreciation (250K Each) allowed and subsequently showing the property as joint rental property. Any help will be appreciated. Also is there a max period before that we need to change the title of the property from community property to joint property after our divorce is finalized. Thanks
Mike