Q: Two years ago, in 2007, I bought a condominium with my son. My son lives in the condo and it was his first home. My son is a student and is currently unemployed and has very little income to report to the IRS. Is he eligible for a first time home buyer credit or any part of it?

A: Your son is not eligible for the $8000 first time home buyer tax credit. To qualify for the tax credit – or any version of the tax credit that started in 2008 – your son must have purchased his home in 2008 or 2009. Since your son purchased his home in 2007, neither he nor you qualify for the $8000 first time home buyer tax credit.

The 2008 first time home buyer tax credit was for $7,500 and requires the first time home buyer to repay the credit over 15 years.

The 2009 first time home buyer tax credit that continues until June 30, 2010 is a tax credit in the amount of $8,000 and does not need to be repaid.

More on the rules and restrictions on the 00 first time home buyer tax credit and the 00 home buyer tax credit in these articles:

00 First Time Home Buyer Tax Credit Extended and Expanded: Questions and Answers

8000 Tax Credit First Time Home Buyer Requirements: Buying From A Relative

8000 Tax Credit First Time Home Buyer Rules For Buying With A Partner

Home Buyer Tax Credit Cut-Off Dates: Do I Qualify?