The LMNP status attracts with its flexible taxation, but the rental management that accompanies it relies on concrete decisions whose impact is measured at the end of the fiscal year, and now at the time of resale. Between the capital gains tax reform coming into effect in 2025, the national registration number imposed on furnished tourist rentals, and the choice of tax regime, each rental management decision in LMNP has quantifiable consequences over several years.
Reintegration of LMNP Depreciations at Resale: What the 2025 Finance Law Changes
The 2025 finance law (law n°2025-127 of February 14, 2025) has modified a pillar of the LMNP under the real regime. Depreciations are now reintegrated into the calculation of capital gains upon the sale of the property, for all sales made from February 15, 2025.
Before this reform, a non-professional furnished landlord under the real regime could depreciate the property each year (thus reducing their taxable income) without these depreciations being taken into account at the time of resale. The capital gain was calculated on the difference between the purchase price and the selling price, period.
This mechanism encouraged a simple strategy: maximize depreciation, then sell after a holding period reduction. The new rule breaks this logic. The higher the cumulative depreciations deducted, the greater the taxable base at resale.
In rental management, this means that the management of the holding period becomes a central tax parameter. An LMNP owner planning to sell in five to ten years must factor in this potential additional cost from the moment of renting, not just at the time of signing the compromise. A comprehensive guide on Capitaine Immo details the tax mechanisms of LMNP to calibrate their strategy in advance.
Real Regime or Micro-BIC in LMNP: Comparative Table for Decision Making
The choice of tax regime conditions the administrative burden, the amount of tax, and the consistency with the resale strategy. Here are the concrete differences between the two options.
| Criterion | Micro-BIC | Real Regime |
|---|---|---|
| Rental Income Threshold | Applicable under the current legal ceiling | Mandatory above the ceiling, optional below |
| Deduction Mechanism | Flat-rate deduction of 50% on revenues | Deduction of actual expenses and depreciation of the property |
| Deductible Expenses | None (flat-rate) | Loan interest, work, insurance, management fees, property tax |
| Depreciation | No | Yes (building, furniture, work) |
| Impact at Resale (since 2025) | No link to capital gains | Reintegration of depreciations into the taxable base |
| Accounting Complexity | Simplified declaration | Mandatory tax return, frequent recourse to an accountant |
The micro-BIC remains suitable for owners whose actual expenses are low and who do not plan to deduct work. On the other hand, the real regime generates a net tax saving when the total of expenses and depreciations exceeds the flat-rate deduction. However, with the 2025 reform, this annual gain must be weighed against the additional cost at resale.
Le Meur Law and National Registration Number: Obligations for LMNP Rental Management
The law n°2024-1039 of November 19, 2024, known as the Le Meur law, established a mandatory 13-digit national registration number on each advertisement for furnished tourist rentals. This obligation has been effective since May 20, 2026.
This number must appear on all distribution platforms (Airbnb, Booking, personal websites). Its absence exposes the landlord to penalties. The law also strengthens the powers of municipalities, which can reduce the rental ceiling for primary residences from 120 to 90 days per year and establish local quotas.
For an LMNP in rental management, these new rules impose several checks:
- Obtain and display the registration number on each advertisement before any online posting, even in case of delegation to a manager
- Check the applicable municipal regulations (day limits, areas subject to change of use authorization)
- Keep proof of declaration and registration to respond to any municipal control
A landlord who delegates their management to a concierge service or agency must contractually ensure that the agent complies with these obligations. The responsibility for registration remains with the owner, not the manager.
LMNP Activity Declaration and Documents to Keep for Reliable Tracking
The registration of the LMNP activity goes through the single window of the INPI, within fifteen days after the property is rented. This formality triggers the assignment of a SIRET number, necessary for any subsequent tax declaration.
Beyond registration, managing furnished rentals generates a volume of documentation that must be organized from the start:
- The furnished lease compliant with the ALUR law, with a detailed inventory of the furniture signed by both parties (decree 2015-981 on minimum furniture)
- The entry and exit inventories, the mandatory technical diagnostics (DPE, CREP, electricity, gas, ERP as applicable)
- Proof of rents received, invoices for expenses and work, and the depreciation table if the real regime is chosen
- The CFE 1447-C-SD form and the 751-SD questionnaire received after registration
An incomplete rental file weakens the deduction of actual expenses and complicates any tax control. Archiving each document by accounting year, either digitally or physically, avoids approximate reconstructions at the end of the year.
LMNP Exit Strategy: Anticipate Resale from the Moment of Renting
The reintegration of depreciations into capital gains transforms resale into an active management variable. A property held for a long time benefits from reductions for the holding period that partially offset the effect of reintegration. A property resold quickly, with a high cumulative depreciation, incurs a significant tax cost.
The pace of depreciation is therefore no longer just a simple lever for annual optimization. It engages a projection over the entire duration of the investment. Simulating the tax impact of resale before setting depreciation policy helps avoid an unpleasant surprise at the time of sale.
This simulation must incorporate the chosen tax regime, the cumulative amount of depreciations, the expected holding period, and the applicable reductions. For a rental investment in LMNP, rental management no longer stops at the operating period: it begins with the purchase and ends with the taxation of the exit.