LMNP capital gains: do pre-2025 depreciation deductions count?
Yes. For a sale completed since 15 February 2025, the purchase price used for the capital gain is reduced by all the depreciation deducted on the property, including that of 2015 or 2020. The ministry confirmed it on 24 March 2026, answering an MP.
| Calculation | Purchase price used | Capital gains tax |
|---|---|---|
| Rule before 15 February 2025no depreciation deducted from the price | €245,000 | €3,935 |
| Only 2025 and 2026€6,000 deducted: reading rejected by the ministry | €239,000 | €5,509 |
| Rule applied€48,000 deducted | €197,000 | €16,527 |
My furnished flat has been let since 2014: does pre-2025 depreciation count?§
The 2025 Finance Act covers sales made from 15 February 2025. It makes no distinction according to the year the letting started.
An MP from the Gironde asked whether earlier depreciation could be spared. The answer published on 24 March 2026 is clear: “all the depreciation deducted” during the letting enters the calculation. What matters is the date of the sale, not the year of the depreciation.
What is deducted from the purchase price?§
Depreciation “allowed as a deduction” under article 39 C, that is, the depreciation that actually reduced your furnished-letting profit. The price concerned is that of the property itself: furniture, bought and depreciated separately, is not part of it.
Two points have no official commentary yet. The text does not mention depreciation carried forward for lack of profit and never deducted. And the BOFiP page on the purchase price still dates from 12 September 2012: the details announced by the ministry are not there yet.
Your own figure
Purchase price, sale price, dates and total depreciation deducted: the calculator gives the tax and the share caused by the add-back. No sign-up.
Which residences are outside the rule?§
The purchase price is not reduced for a property located in:
- a residence reserved for students, under-30s in training or over-65s
- an establishment or serviced residence for elderly or disabled people
- a long-term care unit
A tourist or business residence is not on the list: the rule applies there.
And the holding period?§
The usual allowances for private sellers then apply, as the ministry’s answer recalls. After 22 years of ownership, no more income tax; after 30 years, no more social charges. The depreciation deducted makes the gain larger before the allowances; it does not change these periods.
General information on French law, up to date as of 15 November 2026. This is not legal advice: for a specific situation, a lawyer, a notary or the ADIL of your département (free consultation) can answer you.
Legal texts and sources (7)
- General Tax Code (CGI), article 150 VB, version in force since 21 February 2026 (III: purchase price reduced by depreciation; excluded residences)
- Law no. 2025-127 of 14 February 2025 (Finance Act for 2025), article 84 (sales from the day after promulgation)
- National Assembly, written question no. 10097 and the ministry’s answer published on 24 March 2026 (depreciation before 2025)
- BOFiP, BOI-RFPI-PVI-20-10-20, purchase price (version of 12 September 2012, online on 15 November 2026)
- Service-public.fr, page F10864 “Plus-value immobilière”, checked on 15 April 2026 (holding-period allowances)
- 2027 Finance Bill no. 3210, article 7 (cap on furnished-letting depreciation)
- French Senate, legislative file of the 2027 Finance Bill