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.
Replacement Costs. Although costs vary according to the size of the leach field, soils and costs of local permits, expect to pay between $5,000 and $20,000 for leach field replacement.It is the most expensive component of the septic system.eplacement Costs. Although costs vary according to the size of the leach field, soils and costs of local permits, expect to pay between $5,000 and $20,000 for leach field replacement.