Refinancing Two Family

[Samir Alrubayai]

Im looking to pick your brains on a question! Im currently 39 with my first rental property purchase in 2017. I’m currently in the process of refinancing my home from my current mortgage of 27 years at a 4.5 % rate (currently owe $437k) to a 2.25 % rate with 1 point (closing costs and cost of point rolled into the mortgage which will be loan of 450k).

My question is I have a 2 family with Section 8 tenants that income is reported yearly to the IRS. Is this going to affect my tax return due to depreciation? Is this a smart move that I’m doing financially or should I refi to a 30 year (which I really don’t want to start over again lol)

How is this going to affect me in the long run tax wise?