....the election technically remains in effect only for as long as the spouses filing as a qualified joint venture continue to meet the requirements for filing the election. If the spouses fail to meet the qualified joint venture requirements for a year, a new election will be necessary for any future year in which the spouses meet the requirements to be treated as a qualified joint venture.
Note that one of the requirements for a qualified joint venture is that both spouses materially participate in the trade or business. Absent that material participation, it would appear that the default would be a partnership (presumably filing on Form 1065 and issuing K-1s to each spouse).
However, since you have a gain, there would appear to be no significant different between filing two Schedules C (and indicating that your spouse does not materially participate) and filing a 1065 and issuing a K-1 to your spouse also indicating that your spouse does not materially participate when entering the information from the K-1.
