In short:
- Under LMNP, depreciation reduces tax on rents during the letting period.
- Since the 2025 budget law, it is added back when calculating the capital gain on resale.
- The rule covers sales made from 15 February 2025.
- Student residences, senior residences and nursing homes are excluded.
The principle before the reform
A non-professional furnished landlord under the real regime deducts a fraction of the property’s price each year: depreciation. Until 2025, these amounts had no effect on the capital gain calculated on resale.
What changes
| Before the reform | Since 15 February 2025 | |
|---|---|---|
| Acquisition price used | Purchase price plus costs | Reduced by depreciation deducted |
| Taxable capital gain | Unaffected by depreciation | Increased accordingly |
| Holding period allowances | Applicable | Still applicable |
Who should redo the maths
Owners planning to sell a property let furnished for several years are the most affected. The longer the period under the real regime, the larger the amount added back.