What are the consequences of skipping a year of BFR-PR?

What if you want to opt-out of BFR-PR status for a year? One reason I can think to do so would be if you had large realized cap losses for a year, and you want to be able to roll them forward to future years when you may no longer meet the requirements for BFR-PR.

Can you simply submit the IRS Form 8898 with your taxes for the year you want to opt-out, and then submit another the following year for opting back in?

Regarding Act 22 / Act 60 (individual investor), what would the consequences be? Let’s assume you did in fact meet the BFR-PR residency requirements for the year.

Any other gotcha’s one should be aware of?