The landscape of tax exemption has shifted between 2024 and 2026. The end of the Pinel scheme on December 31, 2024, the implementation of the Jeanbrun scheme on February 21, 2026, and the maintenance of the overall cap on tax niches at 10,000 euros per household are reconfiguring the choices. Here, we analyze the technical points that truly change the game for taxpayers taxed from the 30% bracket.
Jeanbrun Depreciation vs. Direct Reduction: What the Tax Mechanism Changes
The Jeanbrun scheme breaks away from the Pinel logic. While Pinel granted a tax reduction calculated on the purchase price, Jeanbrun is based on tax depreciation that can reach 5.5% per year on 80% of the property’s value. The direct consequence: the benefit is no longer realized through an immediate reduction in tax, but through a decrease in taxable rental income over time.
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This change favors profiles that already generate significant rental income. A taxpayer without rental property will benefit less from depreciation than an investor looking to offset their received rents. To explore tax exemption with Immopedia, this type of comparative simulation between old and new becomes a prerequisite for any investment decision.
We recommend modeling the tax gain over at least eight years before committing. The Jeanbrun depreciation produces a smoothed effect, not a cash gain in year 1. Taxpayers seeking an immediate reduction should look to other vehicles.
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Denormandie and Property Deficit: Two Underutilized Levers in the Old Sector
The Denormandie scheme has been extended until December 31, 2027, by law n° 2024-322 of April 9, 2024. Its extension to struggling co-ownerships since April 11, 2024, opens a scope that most mainstream articles overlook. The reduction can reach 21% of the property’s price over 12 years, provided that renovation work represents at least 25% of the total cost of the operation.
This scheme targets old properties with renovations in eligible municipalities. It remains compatible with the overall cap of 10,000 euros, which requires checking that the accumulation with other benefits (home employment, PER reduction) does not exceed the cap.
Property Deficit and Energy Renovation Work
The classic property deficit allows for the deduction of expenses (renovation work, loan interest) from rental income, and then from overall income within the usual limits. The doubled cap for energy renovation work constitutes a powerful technical lever for landlords engaged in extensive rehabilitations.
The combination of Denormandie + property deficit is not possible on the same property, but an investor holding multiple lots can distribute their strategies. This is a point of arbitration that we rarely see addressed in real estate tax exemption guides.
PER and Marginal Tax Rate: Calibrating Contributions
The Retirement Savings Plan remains the most effective scheme for taxpayers whose marginal tax rate reaches 30% or more. Contributions are deductible from taxable income, which generates savings proportional to the marginal rate. A contribution made at the end of the calendar year reduces the taxable base for the current year.
Three technical parameters determine the relevance of the PER:
- The deduction cap depends on the professional income of the previous year and the unused caps from the three preceding years, which can be carried forward. Check the tax notice to know the exact available amount.
- The capital withdrawal at retirement is taxed at the progressive scale (excluding capital gains, which are subject to flat-rate withholding). A taxpayer anticipating the same marginal rate at retirement partially cancels the gain.
- The PER does not fall under the 10,000 euro cap on tax niches, as it is a deduction from income and not a tax reduction. This is a structural advantage for households that have already saturated their cap.
Cap on Tax Niches: Articulating Schemes Without Loss
The overall cap of 10,000 euros (18,000 euros for overseas investments and Sofica) encompasses all tax reductions and credits related to voluntary expenses. Home employment, childcare, Denormandie rental investment, FCPI, FIP: everything counts towards the same limit.
A common mistake is to stack schemes without totaling the expected benefits. A household already benefiting from a tax credit for home employment amounting to several thousand euros reduces the available margin for a tax-exempt real estate investment.
- List all ongoing tax benefits before engaging in a new scheme.
- Prioritize deductions (PER, property deficit) that do not fall under the cap, then allocate the remainder to tax reductions and credits.
- Simulate the net gain after capping, not the gross gain announced by the promoter or advisor.
A scheme saturated by the cap produces no tax advantage, even if the taxpayer meets all eligibility conditions. This verification should precede any signing.
Tax exemption in 2024-2026 is no longer just about choosing a scheme from a list. The disappearance of the Pinel scheme, the arrival of Jeanbrun depreciation, and the extension of Denormandie require thinking in terms of overall tax architecture. The PER remains the foundation for high brackets, the property deficit regains a central role in the old sector, and the cap on tax niches remains the filter that all arbitration must first pass through.