Does LMNP depreciation create a tax loss here?

No. The model caps current depreciation at the result before depreciation, consistent with the general rule.

Does the bare owner receive rent?

No. The usufructuary receives income during the usufruct period.

Does this calculate tax on sale?

No. Sale taxation and specific contract terms require separate advice.

Where do the rates and rules come from?

The calculator links its source in the methodology section. Confirm figures using the official source and a local adviser before signing.

Taxation

LMNP vs Nue-Propriété Simulator

Compare rental cash flow under LMNP réel with a French bare-ownership investment that rebuilds full ownership later.

Your inputs

Full property value (€)Bare-ownership discount (%)Usufruct term (years)Annual property appreciation (%)LMNP gross annual rent (€)LMNP annual costs before depreciation (€)Annual accounting depreciation (€)Combined tax-rate assumption (%)

Educational estimate — confirm your transaction with a qualified local tax adviser.

Results

LMNP annual post-tax cash flow

€10,650

LMNP taxable income after depreciation

€4,500

Nue-propriété purchase price

€227,500

Nue-propriété annualised value return

4.97%

Deductible LMNP depreciation

€7,500

15-year LMNP cash flow

€159,750

Full-value estimate at term

€471,054

LMNP vs Nue-Propriété Simulator: How this estimate works

LMNP réel can deduct eligible expenses and limited accounting depreciation against furnished-rental income. A nue-propriété buyer receives no rent during usufruct, generally buys at a discount, and recovers full ownership at the end. They are different strategies, so this simulator compares cash flow and terminal value rather than claiming a universal tax winner.

1Enter full value, expected rent and annual LMNP economics.
2Enter the bare-ownership discount and usufruct term proposed in the contract.
3Compare annual cash income with capital value at the end of the term.

Official source: Impots.gouv.fr: LMNP tax regimes. Rates and rules can change. Last reviewed August 2026.