@shutt9328stree- wrote:
(We have another rental property that's held in my name only, so we've never had to deal with splitting things up before.) Thanks for your help!
You are most welcome, but I wanted to make this very clear: You do not need to make a QJV election just because you jointly own this rental property with your spouse. Mere joint ownership of property does not create some sort of de facto partnership.
In order to make the election, you need to materially participate in the rental to the extent that it is essentially considered a business and that is a rather high standard - most rentals are passive activities and do not require such a high level of involvement.
