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Sjogre
The End wasn't The End - Found a new home after the great exodus of 2012

According to G3, Spike is a thousand years old. The show’s intro has Twilight and Spike using it. I think that it belongs to one of them.
 
Twilight, of course, has no problem with letting others borrow it.
ED-SKaR
Artist -
The End wasn't The End - Found a new home after the great exodus of 2012

According to G3 it is Pinkie Pie who owns the baloon.  
Only the advert for the toy ever claimed it to belong to Twilight Sparkle.
 
I’m going with previous gen cannon over toy adverts…. you know how accurate those toy adverts are!
 
And yea, store it in a shed or something. hot air ballons take up a heak of a lot of space when they fold down, the materials are very thick to withstand the forces involved.
Mooncalf
The End wasn't The End - Found a new home after the great exodus of 2012

Cloud storage, obviously. The monthly fees are pretty cheap, but it’s not very secure and every now and then the server crashes.
Background Pony #DF7C
Don’t know…in the twilight cave,ready for when commisser gordon launch the pony signal?
Mad Black
Cool Crow - "Caw!" An awesome tagger
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The End wasn't The End - Found a new home after the great exodus of 2012

it’s a hot air baloon. She can probable store it in the basement or in applejacks barn. Those things don’t take that much room when they are deflated.
Sjogre
The End wasn't The End - Found a new home after the great exodus of 2012

The first I remember Twilight using her Twinkling Balloon was when they went to Cloudsdale in Sonic Rainboom. Pinkie also used it during Fall Weather Friends. They also used it a couple of times in the second season, although I can’t remember all of the episodes.
Background Pony #EBDC
Obviously she keeps it stored in hammerspace. OR she just has it stashed away incase she needs a balloon.
 
Also she used it for the discord episode. Chances are it can be piloted with magic. They can move objects with their magic why not move a balloon?