Note: If you use the donor's adjusted basis for figuring a gain and get a loss, and then use the FMV for figuring a loss and get a gain, you have neither a gain nor loss on the sale or disposition of the property.
In Massachusetts you can get up to a 40% tax credit towards the cost of repair or replacement of your septic system provided the cost is $15,000 or less. The Commonwealth provides a state tax credit of up to $6,000 spread out over 4 years to defray the cost of septic repairs to a primary residence.hen it does come time to replace the system, the cost is anywhere from $10,000 to $30,000 or more, so if youâre buying or selling a home with a septic system here are a few tips you should know: Home buyers should know that home inspections donât include a septic system inspection, also known as a Title 5 Inspection.
Q: How much does it cost to replace my septic system? A: The cost to replace a septic system varies greatly. Sometimes a direct replacement of the drainfield can be done for a little as $4,000 â $5,000. Other times an engineer must be hired to design a new system which adds to the price.n some situations the requirements are now different from the original system installation and a more complex septic system is now required driving up costs to $12,000 to $15,000 or more. Many factors in between also vary the price greatly. And donât forget the cost to re-landscape your yard.