LMNP 2026: real regime and depreciation explained
Published on June 18, 2026 · LMNP & furnished letting
The LMNP under the real regime is often presented as the most fiscally refined option for furnished letting. Its central advantage: depreciation. Here is how it works in 2026, its thresholds and its limits, with no promise of gain.
LMNP: a quick reminder
The status of non-professional furnished landlord applies to letting a furnished property. Its taxation falls under BIC, with two options: the micro-BIC or the real regime.
Micro-BIC versus the real regime
The micro-BIC applies a flat-rate allowance of 50 % on rents, up to 77 700 € of receipts. The real regime, by contrast, allows you to deduct the actual expenses and to depreciate the property. The real regime becomes worthwhile once expenses plus depreciation exceed the flat-rate allowance.
| Criterion | Micro-BIC | Actual regime |
|---|---|---|
| Taxable base | − 50 % rents | Rents − expenses − depreciation |
| Receipts ceiling | 77 700 € | No dedicated ceiling |
| Accounting | Simple | More demanding |
Depreciation under the actual regime
Depreciation consists of spreading the wear of the property and its furniture over their useful life for accounting purposes. In practice, it reduces the taxable base of the rents without being a cash outlay each year. This is the core interest of the real regime, described here qualitatively, as the calculation depends on the property.
The thresholds to know
Two benchmarks: the micro-BIC up to 77 700 € of receipts (allowance 50 %), and the threshold of 23 000 € of receipts, one of the criteria for the non-professional nature of the activity.
When the real regime is relevant
The real regime often suits a new property financed by a loan, with significant expenses and depreciation. Below that, the simpler micro-BIC may suffice. The choice depends on your actual figures.
Accounting obligations
The real regime requires accounting (tax return schedules, depreciation schedule). Support from a chartered accountant is common; its cost should be included in the analysis.
Interaction with new builds
In new builds, the absence of immediate works directs the interest of the real regime mainly towards the depreciation of the property and furniture. It is a coherent framework for long-term furnished letting.
In summary
The LMNP under the real regime relies on depreciation to reduce the taxable base of furnished rents, at the cost of more demanding accounting. This is not a promise of yield. Have the micro-BIC / real regime choice analysed by a chartered accountant according to your situation.
