Correct.
According to the IRS:
Section 301.7701-3(b)(1) provides that, unless the entity elects otherwise, a domestic eligible entity is (i) a partnership if it has two or more members; or (ii) disregarded as an entity separate from its owner if it has a single owner.
Section 301.7701-3(c)(1)(i) provides that, except as provided in § 301.7701-3(c)(1)(iv) and (v), an eligible entity may elect to be classified other than as provided under § 301.7701-3(b), or to change its classification, by filing Form 8832, Entity Classification Election, with the service center designated on Form 8832.
Section 301.7701-3(c)(1)(iii) provides that an election made under § 301.7701-3(c)(1)(i) will be effective on the date specified by the entity on the Form 8832 or on the date filed if no date is specified on the election form. The effective date specified on Form 8832 cannot be more than 75 days prior to the date on which the election is filed and cannot be more than 12 months after the date on which the election is filed.
Also, to clarify, since you live in Washington and the rental is in Florida, is the LLC a management company with employees or the short-term rental property?
It seems like it would be difficult to meet the requirement of materially participating as a Qualified Joint Venture compared to an LLC filing as a Partnership.
Additionally, filing as a Qualified Joint Venture does not change much from filing as a Partnership. Qualified Joint Ventures are usually chosen for the advantage of each spouse claiming half the FICA which each Partner does for the income reported by the Partnership.
What do you see as the reason to change reporting?
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