There are a number of reasons you may want to Transfer Ownership of a figure. These could include:
While you could accomplish the same task by Resetting the Figure, Transferring Ownership allows you to retain the current Stats and Upgrades on the figure.
There is no limit to how often or how many times you can Transfer Ownership.
Once you place your Skylander on the Portal, you need to access the Skylander menu. This can be done by pressing the:
Then click on Ownership. Finally, click on Yes to finalize the process.
Now your Skylander will be added to your collection and you will receive the Elemental Bonus without losing the Level, Gold, and Upgrades you have built up on the figure.
The instructions above are for the newest game, Skylanders SuperChargers. For more details on Taking Ownership in Skylanders Trap Team, go here.