Jeanbrun scheme 2026: depreciate your bare rental property by up to €12,000/year
In short
The loi Jeanbrun (2026) allows, for the first time, depreciation on an UNFURNISHED rental: 3–5.5%/yr on the building depending on the chosen social level, with rent capped 15–45% below market and a deduction capped at €8,000/yr. It requires a 9-year rental commitment and applies to new apartments acquired between 21 Feb 2026 and 31 Dec 2028.
The Jeanbrun scheme, which came into force on 21 February 2026 (Finance Act 2026, Official Gazette of 20 February 2026), introduces a major innovation into French property taxation: depreciation of bare rental (location nue) property. Previously reserved for furnished rentals under the LMNP actual-expenses regime, depreciation is now accessible to bare landlords, provided they comply with rent and income ceilings and commit for a minimum of 9 years.
What changes with Jeanbrun
Before this scheme, a bare landlord could only deduct actual charges (under the réel foncier — actual-expenses regime) or benefit from a flat 30% allowance (micro-foncier regime). Depreciation of the building — the central advantage of the LMNP actual-expenses regime — was inaccessible to them.
Jeanbrun changes this logic: a bare landlord can now deduct a fraction of the acquisition price each year, reducing taxable rental income beyond their actual charges.
Depreciable base: 80% of the property price (the remaining 20% representing, on a standardised basis, the land value, which is not depreciable).
Depreciation rates by rent level
The scheme operates across three rent levels — intermediate, social, and very social — aligned with the Loc’Avantages levels (Loc1, Loc2, Loc3). The lower the rent, the higher the depreciation rate.
New-build or off-plan (VEFA)
| Level | Rent discount | Depreciation rate | Annual cap |
|---|---|---|---|
| Intermediate (≈ Loc1) | − 15% | 3.5%/year | €8,000 |
| Social (≈ Loc2) | − 30% | 4.5%/year | €10,000 |
| Very social (≈ Loc3) | − 45% | 5.5%/year | €12,000 |
Old property with renovation works (≥ 30% of acquisition price, EPC rating A, B or C after works)
| Level | Rent discount | Depreciation rate | Annual cap |
|---|---|---|---|
| Intermediate | − 15% | 3%/year | €8,000 |
| Social | − 30% | 3.5%/year | €10,000 |
| Very social | − 45% | 4%/year | €12,000 |
The €8,000/year cap is increased by +€2,000 if at least 50% of the household’s gross rental income from the scheme falls under the social level, and by +€4,000 for the very social level.
Eligibility conditions
The property
- Flats in multi-unit buildings only — detached houses are excluded
- New-build or off-plan (VEFA): completed or acquired from 21 February 2026 onwards, or
- Old property with works: works representing at least 30% of the acquisition price, achieving energy performance certificate (EPC) rating A, B or C after renovation
- Acquisition window: from 21 February 2026 to 31 December 2028
The tenancy
- Bare rental (location nue) (unfurnished), as the tenant’s primary residence
- Minimum commitment period: 9 years
- Tenant must not be part of the owner’s tax household, nor a relative up to the second degree within the household
2026 rent ceilings
The formula is identical to the Pinel/Denormandie ceilings: maximum rent = zone ceiling × usable floor area × coefficient (0.7 + 19/S, capped between 0.7 and 1.2).
2026 ceilings — intermediate level (source: order of 6 January 2026)
| Zone | €/m²/month |
|---|---|
| A bis | €19.71 |
| A | €14.64 |
| B1 | €11.80 |
| B2 and C | €10.26 |
The ceilings for the social and very social levels are lower (−15% and −30% respectively relative to the local market).
Tenant income ceilings
For 2026 (based on 2024 income):
| Household composition | Zone A/A bis | Zone B1 | Zone B2/C |
|---|---|---|---|
| Single person | €43,475 | €36,144 | €32,532 |
| Couple | €64,976 | €48,268 | €43,441 |
| + 1 dependant | €85,175 | €58,043 | €52,238 |
Worked example: new-build 3-room flat in Bordeaux (zone B1)
Data
- Purchase price: €250,000 (new-build)
- Depreciable base: €250,000 × 80% = €200,000
- Level: intermediate → rate 3.5%/year
- Annual depreciation: €200,000 × 3.5% = €7,000/year (below the €8,000 cap)
- Floor area: 70 m²
- Capped rent B1: 70 × €11.80 × (0.7 + 19/70) = 70 × €11.80 × 0.971 = €802/month
- Annual rent: €9,624
Tax calculation — year 1
| Item | Amount |
|---|---|
| Annual rent | + €9,624 |
| Mortgage interest | − €3,500 |
| Property tax (taxe foncière) | − €1,100 |
| Non-recoverable service charges | − €600 |
| Landlord insurance (PNO) | − €200 |
| Result before depreciation | + €4,224 |
| Jeanbrun depreciation (capped at result) | − €4,224 |
| Taxable rental income | €0 |
| Deferred depreciation (ARD) carried forward | €2,776 |
Result: €0 taxable income. The unused depreciation (€2,776) forms a deferred stock that can be carried forward to future years — a mechanism identical to ARD (deferred depreciation) under the LMNP actual-expenses regime.
The enhanced déficit foncier for old properties with works
For acquisitions of old properties with works representing at least 30% of the acquisition price:
- The déficit foncier (rental property loss carry-forward) deductible against global income is raised to €21,400/year (versus €10,700 under common law)
- This is a significant advantage during years of major works, in addition to the depreciation benefit
Jeanbrun vs LMNP actual-expenses regime: key differences
| Criterion | Jeanbrun | LMNP réel |
|---|---|---|
| Rental type | Bare (unfurnished) | Furnished |
| Tax regime | Rental income (foncier — not BIC) | BIC (business income) |
| Depreciation | 3–5.5%/year (new-build) | Variable by building/furniture |
| Annual cap | €8,000–€12,000 | No cap |
| ARD carry-forward | Yes, indefinitely | Yes, indefinitely |
| Rent ceiling | Yes (by zone) | No |
| Commitment period | 9 years | Free |
| Eligible property | Multi-unit flats only | All furnished dwellings |
| Detached houses | Excluded | Eligible |
| Accounting | Form 2044 declaration | BIC tax return (form 2031) |
Jeanbrun vs Denormandie
| Criterion | Jeanbrun | Denormandie |
|---|---|---|
| Tax benefit | Depreciation (income deduction) | Tax reduction (12–21%) |
| New-build | Yes | No (old property only) |
| Old property | Yes (works ≥ 30%, EPC A/B/C) | Yes (works ≥ 25%) |
| Duration | 9 years | 6, 9 or 12 years |
| Tax shelter cap | Not applicable (deduction) | €10,000/year |
| Detached houses | Excluded | Eligible |
Jeanbrun is often more advantageous for an investor on a high marginal tax rate (TMI) (30% or 41%), as the depreciation reduces the taxable base without being constrained by the €10,000 annual tax shelter cap.
Points to watch
- Houses excluded: only flats in multi-unit buildings are eligible — a key consideration for investors in rural areas
- Short acquisition window: eligible acquisitions only between 21/02/2026 and 31/12/2028
- Annual cap of €8,000: for an expensive property (>€228,000 for an intermediate-level new-build), the cap limits the actual tax benefit
- 9-year commitment: a longer period than Denormandie (minimum 6 years)
- Old property with works: achieving EPC rating A, B or C may require substantial works depending on the property’s initial condition
- Recent scheme: limited case law and official guidance available at this stage — consult an accountant
FAQ
Does Jeanbrun replace Pinel?
The Jeanbrun scheme is the functional successor to Pinel (abolished at end-2024), but works differently: where Pinel offered a tax reduction, Jeanbrun offers depreciation (a deduction against rental income). The tax impact depends on your marginal tax rate (TMI) — the higher it is, the more effective the depreciation.
Can Jeanbrun be combined with Loc'Avantages?
Parliamentary discussions have raised this possibility, as both schemes use the same Loc1/Loc2/Loc3 rent levels as a reference. Compatibility has not been confirmed in the legislation in force at the date of this article. Consult an accountant before adopting this strategy.
Is the €8,000/year cap per property or per household?
The cap applies per tax household, across all Jeanbrun acquisitions combined. Several properties held under Jeanbrun share the same annual cap.
Can I invest through an SCI (Société Civile Immobilière — French property holding company)?
The scheme applies to individuals. Eligibility via an SCI depends on its tax structure — verify with an accountant.
What happens to unused depreciation (ARD stock)?
As with ARD (deferred depreciation) under the LMNP actual-expenses regime, unused depreciation — whether capped or surplus — can be carried forward indefinitely against future rental income.
In summary
- Depreciation on bare rental: 3–5.5%/year depending on level and property type (new-build vs old)
- Depreciable base: 80% of the property price
- Annual cap: €8,000/year (increased to €12,000 for the very social level)
- Commitment: minimum 9 years, with rent and income ceilings
- Multi-unit flats only — detached houses excluded
- Acquisition window: 21/02/2026 to 31/12/2028
- Enhanced déficit foncier: €21,400/year for old properties with works ≥ 30%
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