I have rental property, I owe the bank ~ $30k. I've been offered a 20 year note for $75k, 7% down and $422/month. What tax implications can I expect?

[AmandaR1 · Accepted solution]

Tax implications come from an issuance of form 1099-C, cancellation of debt, which is included in your income (the amount forgiven). If you are refinancing then there won't be an negative implication. 

You'll continue to write-off mortgage interest and points for your rental and personal itemized deductions (if applicable). Check with the bank to see what type of transaction they are doing for you.