Our sector expertise
Real Estate Accountant for Investors and Property Structures
Accounting firm for French real estate investors: SCI, LMNP, commercial rent, financing, net return, resale modeling, transmission and portfolio oversight.
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Our expertise at a glance
We steer each real estate player toward the regime suited to their horizon: an SCI under income tax or corporate tax, property income on micro or actual basis, LMNP under BIC, property dealer, agency. We cost both entry and exit, document the choices, and refer to the specialised page as soon as technical detail requires it.
Our added value
- Firm registered with the Île-de-France order of chartered accountants and the CNCC
- Every figure cited links to its official source (BOFiP, impots.gouv.fr)
- Horizon-based approach: we model the resale before locking in the structure
Who is this for?
- Investors and property companies holding unfurnished or furnished premises
- Owners structuring their premises through an SCI or a holding company
- Property dealers and real estate agencies
When to contact us
- Before any SCI option for corporate tax or any change of regime
- Before a major sale or a threshold breach (IFI, micro-BIC)
What you get
- A diagnosis of the regime suited to your profile and horizon
- Accounting, tax and filing support (2072, BIC, capital gains)
- A documented income-tax versus corporate-tax trade-off, defensible on audit
You work in real estate, but in very different forms: a patrimonial property company, a management firm, a sales agency, a property dealer, a furnished landlord, or a holder of SCI shares. Each of these profiles falls under a distinct tax regime, and that is exactly the first mistake we see in practice: a structure chosen by imitation, with no connection to the reality of the activity. This page is an orientation overview. It surveys each regime, sets the right benchmarks, then points you to the specialised page that carries the detailed figures for your situation.
Quick answer#
A real estate CPA steers each player toward the right regime: an SCI taxed under income tax (transparency, property income) or under corporate tax (depreciation, but capital gains with no allowance), furnished rental under BIC (LMNP), a property dealer under BIC with inventory, or a sales agency. The choice depends on the holding horizon, the resale plan and the owner's personal wealth situation.
Who does what in real estate, and which regime fits which profile?#
The word real estate covers trades that have almost nothing in common in accounting and tax terms. Before any arbitrage, we place each profile in its proper box.
The patrimonial investor holding unfurnished premises falls under property income, usually through an SCI or held directly. The furnished landlord shifts into industrial and commercial profits (BIC). The property dealer, who buys to resell, is a trader whose buildings are inventory. The sales agency is a service business, subject to standard VAT and a specific social regime. Finally, an individual selling a property falls under personal real estate capital gains.
One person often combines several roles: holding a home directly, business premises in an SCI, and a flat let furnished as a non-professional landlord. Our job is to ring-fence these flows so each regime stays clear and defensible in the event of an audit.
SCI: transparency under income tax, or an option for corporate tax?#
By default, a rental SCI is a fiscally transparent partnership. The result is taxed in the hands of each partner as property income, even if it is not distributed, via the 2072 return. The SCI may opt for corporate tax, but this option is in principle irrevocable, with only a limited right to withdraw within the first five financial years (article 239 of the French Tax Code).
Our reading: corporate tax appeals through the depreciation of the building, which wipes out taxable profit for several years. The trap closes at resale: under corporate tax the gain is computed on net book value, with no allowance for holding period, whereas the individual regime exempts income tax after 22 years. The detail of this trade-off and of share transfers is covered on our dedicated SCI page.
Property income: micro-foncier or actual-expenses regime?#
Unfurnished letting falls under property income. Two regimes coexist. The micro-foncier applies if the annual gross property income does not exceed 15,000 euros, with an automatic flat allowance of 30 percent representing expenses. Above that, or by election, the actual-expenses regime applies: you deduct real costs (works, interest, property tax, management).
The lever landlords underestimate is the property deficit. Charges other than loan interest offset overall income up to 10,700 euros per year, with the surplus carried forward against property income for the next ten years. This ceiling rises to 21,400 euros for certain energy-renovation works (quote accepted from 5 November 2022, expenses paid up to 31 December 2025).
Real estate capital gains: how are they taxed in 2026?#
A sale by an individual is taxed at a flat 19 percent income-tax rate, plus social levies of 17.2 percent, that is 36.2 percent before allowances. A progressive surtax applies to taxable gains above 50,000 euros.
The allowances for holding period differ between the two bases. For income tax, full exemption is reached after 22 years. For social levies, it is only complete after 30 years, the allowance rhythm being far slower. This eight-year gap is a frequent source of unpleasant surprises: a seller believes they are exempt and discovers a significant remaining social-levy bill. The fine calculation of allowances is detailed on our real estate tax page.
| Regime / profile | Tax category | 2026 benchmark (orientation) |
|---|---|---|
| Unfurnished letting (SCI IR or direct) | Property income | Micro-foncier up to 15,000 EUR, 30 percent allowance |
| Property deficit | Property income | Offset against overall income capped at 10,700 EUR / year |
| Furnished letting (LMNP) | BIC | Micro-BIC up to 77,700 EUR, 50 percent allowance |
| SCI under corporate tax | Corporate tax | Depreciation, but no allowance on resale gain |
| Property dealer | BIC (art. 35 CGI) | Buildings as inventory, no depreciation |
| Individual capital gain | Real estate gain | 19 percent + 17.2 percent social levies, IR exemption at 22 years |
| IFI (wealth tax) | Real estate wealth | Threshold 1,300,000 EUR on 1 January |
LMNP and property dealer: two BIC regimes not to be confused#
Non-professional furnished rental falls under BIC. The micro-BIC applies up to 77,700 euros of receipts for long-term furnished letting, with a 50 percent allowance. Tourist furnished lettings follow lower thresholds since the 2025 Finance Act. Above all, for sales made from 15 February 2025, the depreciation deducted is added back into the capital-gain calculation, subject to certain exceptions (service residences). The detail of depreciation and this add-back is on our LMNP page.
The property dealer is taxed under BIC on the basis of article 35 of the Tax Code. Their buildings are inventory, never fixed assets, so no depreciation. Margin VAT (article 268 of the Tax Code) may apply where the acquisition did not give rise to a deduction right. The rules on inventory, VAT and reduced transfer duties are developed on our property dealer page.
IFI and wealth: from what point are you concerned?#
The real estate wealth tax (articles 964 to 983 of the Tax Code) hits net taxable real estate wealth above 1,300,000 euros on 1 January. The scale is computed from 800,000 euros, and a relief eases estates between 1,300,000 and 1,400,000 euros. For an owner structuring holdings through an SCI or a holding company, the IFI must be anticipated from the outset, never discovered in the year of crossing the threshold.
The underestimated risk#
In real estate files, the most frequent sticking point is not the tax calculation: it is irreversibility. An SCI's option for corporate tax, an involuntary reclassification as a property dealer through repeated quick resales, or a poorly documented furnished structure commit you for the long term. A decision made to save a few points one year can cost far more on exit. Our approach is to model the exit before locking in the entry.
Our method and our trade-offs#
We always start from the holding horizon and the wealth plan, not from the regime in fashion. Keeping an unfurnished property for a long time to pass it on, or chaining resale operations, do not lead to the same structures. We cost both entry and exit, we document each choice to make it defensible, and we refer to the specialised page as soon as technical detail requires it. For a global wealth strategy including the individual investor, our real estate, SCI and LMNP hub gathers all situations.
What we deliver#
Our support includes bookkeeping and review tailored to the regime, the tax returns (2072 for the SCI, BIC return, capital gains), advice on the income-tax versus corporate-tax trade-off, and upstream structuring. We also work on documentary security (contracts, works evidence, consistency of bank flows) and project-by-project cash management. For a holding structure or a transfer, we coordinate with our holding tax and company formation engagements.
This page informs and orients. A decision specific to your situation requires a review of your documents, your horizon and the law in force. Updated 23 June 2026.
Orientation thresholds and rates, to confirm for your situation
Real estate tax benchmarks in 2026
Micro-foncier (unfurnished letting)
Formula
Annual gross property income under the threshold, automatic 30 percent allowance
Target
Up to 15,000 EUR
Property deficit on overall income
Formula
Offset of charges excluding interest, surplus carried 10 years
Target
10,700 EUR per year
Micro-BIC furnished letting (LMNP)
Formula
Annual receipts under the threshold, flat allowance of 50 percent
Target
Up to 77,700 EUR
Individual real estate capital gain
Formula
Income tax at 19 percent plus social levies, before holding allowances
Target
19 % + 17.2 %
Capital gain exemption
Formula
Allowance for holding period, income tax then social levies
Target
22 years (IR) / 30 years (PS)
IFI wealth tax threshold
Formula
Net taxable real estate wealth on 1 January
Target
1,300,000 EUR
Sector Ecosystem
French real estate combines different holding and operating logics: ordinary rental income, furnished rental activity, commercial property, family SCI structures and more active portfolios. Accounting quality directly affects how investors read net return, cash and transmission options.
direct, SCI, LMNP, holding
Typical vehicles
net yield + cash
Main lens
resale or transmission
Strategic issue
good asset, weak structure
Common risk
family SCI investorsLMNP and LMP landlordscommercial-property holdersincome-property investorsmulti-asset portfoliosfamily transmission cases
Practical framework
Practical guide to managing a real estate activity
01
List the structures and the assets
Map direct ownership, SCI entities, furnished-rental activity, debt and exit goals before trying to optimize anything.
02
Read net yield properly
Measure rents, charges, interest, tax and works together so profitability is not based on an overly simplified gross-rent view.
03
Anticipate financing capacity
Track cash flow and debt dynamics so a seemingly profitable asset does not reduce the portfolio's ability to borrow again.
04
Prepare transmission early
Shareholder arrangements, agreements and valuation logic should be structured before patrimonial questions become urgent.
Your guarantees
National coverage, Parisian expertise
Wherever you are in France, we deploy a 100% digital interface to deliver fast, highly-structured accounting and financial steering.
Regulated firm
Samuel Hayot is a French chartered accountant and statutory auditor registered with the Paris professional bodies.
National reach
The firm is based in Paris 8 and operates with a delivery model designed for businesses located across France.
Modern stack
Pennylane, Dext, Silae and an automation-first setup built for visibility and speed.
Direct contact
Visible phone number, simple contact path, fast engagement letter and tighter qualification of the mandate.
Useful resources
Need a quick read on your situation?
30 complimentary minutes with Samuel Hayot to challenge your reporting and surface your priority levers.
Perspectives
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FAQ
Frequently Asked Questions
Why use a specialist real estate accountant in France?
A real estate accountant masters specific regimes (SCI, LMNP, SCPI, holding patrimoniale), real estate VAT, capital-gains taxation and asset transfer optimisation. They avoid costly errors (wrong regime, missed VAT option) and secure complex structures, which a generalist firm cannot reliably deliver without sector experience.
How do you choose between SCI, SCPI and LMNP?
An SCI is used to hold a property jointly with tax optimisation. An SCPI is a paper-real-estate vehicle for passive investment without direct management. LMNP (non-professional furnished rental) allows depreciation of a personal property. The choice depends on your objectives: active vs passive management, amount invested, asset horizon and target tax outcome.
What are the accounting fees for a family SCI?
A family SCI under IR has no formal accounting requirement, only an annual 2072 return. Accountant fees range from €600 to €1,500 per year for bookkeeping and the return. An SCI under IS requires a full tax pack (2065) and higher fees (€1,500 to €3,000 per year).
How does depreciation work in LMNP?
Under LMNP at real regime, the building (excluding land, typically 15-20% of total value) is depreciated over 25-30 years, furniture over 5-10 years, and works over 10-15 years. Depreciation reduces taxable profit to zero, neutralising rental tax for several years.
Should you opt for VAT on a rental investment?
On bare or standard furnished residential property, VAT does not apply. By contrast, furnished rental with para-hotel services (breakfast, regular cleaning, linen, reception) can fall under 10% VAT, allowing VAT recovery on the acquisition and on works (~20% saving).
How is a property capital gain declared in France?
An individual's capital gain is calculated on the difference between sale price and acquisition price plus eligible costs. It is taxed at 19% income tax plus 18.6% social charges (2026 rates), with length-of-holding relief (full IR exemption after 22 years, full social-charges exemption after 30 years). A main residence remains fully exempt.
When should you set up a holding patrimoniale for real estate?
A holding patrimoniale becomes relevant from 2-3 properties or €500,000 of assets, notably to benefit from the mère-fille regime on dividends (residual taxation around 1.25%) and to prepare transmission via share donation. It also pools cash to finance new projects across the structure.
What does the tax authority check during an SCI audit?
The audit focuses on the reality of declared expenses (invoices, link to the property), depreciation consistency, application of property-deficit rules, and revenue qualification (bare or furnished). Under IS, full accounting is required. A chartered accountant secures the file by documenting every transaction rigorously.
Article written by Samuel Hayot
Chartered Accountant, registered with the Institute of Chartered Accountants.
Regulated French firmUpdated 30 March 20266 sources cited
Regulated French accounting and audit firm based in Paris 8, built to support companies across France with a digital and decision-oriented approach.
Sources
Official and operational sources cited for this page.
- impots.gouv.fr - Real estate capital gains taxed (19 % + 17.2 %, holding allowances)
- impots.gouv.fr - IFI calculation (1.3 M EUR threshold, scale, relief)
- BOFiP - BOI-RFPI-BASE-30-20 (property deficit, 10,700 EUR cap)
- BOFiP - BOI-RFPI-DECLA-10 (micro-foncier, 15,000 EUR and 30 %)
- impots.gouv.fr - Real estate civil company (SCI IR/IS, 2072)
- BOFiP - BOI-BIC-CHAMP-40-20 (furnished letting LMNP, micro-BIC 50 % and 77,700 EUR)